Tools

The following tools were published on KnowledgeLeader this week:

Data Analytics and Process-Level Monitoring Questionnaire

Process-level monitoring ensures that all activity associated with a particular process is reviewed. In order to further enhance the capabilities of process-level monitoring, organizations can opt to utilize analytic tools. Organizations can use the questions in this tool to make more strategic business decisions and enhance their control environment. 

Sales Order Entry Policy

All customer orders should be processed in an efficient and organized manner to ensure accurate and prompt shipments. It is the responsibility of the sales representative to initiate the process and obtain and review documents and information from the customer in order to complete the sales order. Learn about the procedures for overseeing sales order entries and the responsibilities of sales representatives with our Sales Order Entry Policy.

Sales Returns Policy

Under this policy, in order to provide adequate control of inventory and timely refunds to customers, all product returns must comply with the return procedures. Some of the procedures outlined in this policy are as follows:  sales or sales administration, upon notification by the customer of the intent to return goods, will prepare a returned goods authorization form.

Diversify Workforce Audit Work Program

Enhance your company's diversity and inclusion compliance processes with our Diversify Workforce Audit Work Program. Dimensions of diversity include: age, ethnicity, gender, physical abilities or qualities, race, sexual orientation, educational background, geographic location, income, marital or partner status, military experience, parental status, religious beliefs, work experience, and job classification. 

Marketing and Off-Take Agreement Audit Work Program

This work program can be used as a template for reporting the assessment of a client's internal accounting system with respect to a marketing agreement. It provides details on the steps taken to evaluate internal accounting control; shipments, quantities, amounts and marketing responsibilities; sales revenues; selling and distribution expenses; miscellaneous deductions; and marketing fees and purchase prices.

Publications 

KnowledgeLeader has also published several publications this week.

Enabling Enterprise AI Adoption Through Next-Generation Governance

This whitepaper highlights the importance of robust artificial intelligence governance in enterprise adoption.Realizing artificial intelligence (AI) opportunities, measuring and managing both benefits and risk, becomes difficult without appropriate and effective guardrails in place. 

Is Cybersecurity Not Part of Internal Controls for Financial Reporting?

Audit Analytics examines why cybersecurity measures are essential for maintaining comprehensive internal controls and preventing material weaknesses in financial governance.You may remember that back in 2020, SolarWinds Corporation had undetected malicious code “SUNBURST” embedded in its software, which it then unknowingly distributed to approximately 18,000 clients, including many government agencies.

Can We Trust Culture and Conduct to Guide Decision-Making in the Financial Services Industry?Can We Trust Culture and Conduct to Guide Decision-Making in the Financial Services Industry?

This whitepaper offers steps senior management and board members can take to establish and sustain a strong culture and ethical conduct within their institutions.

Recommended Resources 

This list of recommended resources from the web may be of interest to you. Click each link to learn more. 

1. New Internal Auditing Around the World Book Provides Insight Into What It Means — and What It Takes — to Be a Relevant Function
2. How Boards Can Confront Fraud Head-On  
3. The Power of Payment Data to Enhance CFO Decision-Making