Download the 10 most frequently viewed audit tools and publications on KnowledgeLeader in August.

1. Payroll Audit Work Program

Our Payroll Audit Work Program provides a structured approach to conducting effective payroll audits, emphasizing their importance in verifying tax withholdings, identifying errors, preventing fraud and ensuring compliance with labor laws. It outlines key phases of the audit process, starting with gathering employee rosters and payroll reports and reconciling them against employee hours, payments and company accounts. This document highlights essential steps, such as reviewing internal controls, performing analytical procedures, interviewing personnel and issuing comprehensive audit reports. By conducting regular payroll audits, organizations can strengthen their financial integrity, identify areas for improvement and mitigate risks associated with payroll errors or fraud.

2. Inventory Audit Work Program

Our Inventory Audit Work Program is a detailed guide designed to enhance the accuracy and efficiency of inventory management through systematic auditing practices. It outlines methods to identify discrepancies between physical inventory and recorded data, address risks like theft and obsolescence, and ensure compliance with regulatory standards. This tool emphasizes improving inventory control processes and provides organizations with actionable steps to maintain accurate financial statements and optimize operational efficiency. It serves as a customizable framework for organizations to tailor audit procedures to their unique needs while continuously monitoring and refining their inventory management strategies.

3. Internal Audit Activity Report

Explore the importance of internal audit and how a quality assessment review can enhance your audit functions for better compliance and effectiveness. This insightful report highlights the findings from an external quality assessment, which is mandated by international auditing standards every five years. It validates a company’s self-assessment, confirming that their internal audit activities generally conform to established standards while identifying opportunities for continuous improvement. Key sections of the report include an executive summary, detailing the effectiveness of the internal audit function in providing assurance and consulting services. The report emphasizes positive feedback from executive management, indicating that the internal audit team is perceived as credible and valuable in addressing significant risks and enhancing governance structures.

4. Physical Inventory Policy

Our Physical Inventory Policy outlines the procedures and guidelines necessary for managing physical inventories within an organization and its subsidiaries. It includes two samples, each tailored to address specific aspects of inventory management. Sample 1 emphasizes the importance of conducting both unaudited semiannual and audited annual physical inventories to ensure accurate reporting on the balance sheet and proper cost recognition. This sample details the roles of various company personnel in supervising the inventory process, coordination with external auditors, and methods for addressing discrepancies.

5. Five Keys to Managing Relations With the Board of Directors

For directors to make meaningful contributions in their oversight of management, they need to understand the business environment within which the company operates.  They need access to focused information relevant to the organization's strategic issues and business risks.  They can receive this information only through timely and candid two-way communication with management and other company personnel. This blog post discusses what companies gain when directors make meaningful contributions in their oversight of management. We also provide keys to improving a company's process in managing relations with the board of directors, as well as performance measures.

6. IT Asset Management Audit Work Program

Unlock the full potential of your organization’s IT investments with our IT Asset Management Audit Work Program, a practical audit tool designed to help you gain complete visibility and control over your IT assets. By providing a structured approach to auditing, this tool helps organizations ensure the accuracy of their asset inventories, optimize resource utilization and maintain compliance with regulatory standards. It empowers businesses to identify and recover lost or underutilized assets while minimizing risks associated with data breaches and operational inefficiencies. With its guidelines, this audit program not only streamlines asset management processes but also drives strategic decision-making, ultimately leading to significant cost savings and improved organizational performance.

7. Human Resources Risk Management Assessment Report

Our HR Risk Management Assessment Report evaluates the current and future state of HR risk management practices across a global organization. The assessment uses the Capability Maturity Model (CMM) and identifies key areas requiring improvement, such as recruiting and hiring, performance management, timekeeping and compensation, policies and procedures, and legal compliance. The findings in this sample reveal that while some HR processes in the U.S. are relatively mature due to established systems like HRIS, global operations face challenges related to decentralization, inconsistent standards and limited oversight. For instance, hiring practices lack standardization globally, resulting in inefficiencies and risks. Similarly, compensation strategies outside the U.S. often fail to utilize market data effectively and compliance monitoring remains fragmented across regions. Based on these observations, this tool proposes strategic actions to mitigate risks, enhance efficiency and align HR practices with corporate objectives.

8. Process Classification Scheme (PCS)

The Process Classification Scheme (PCS) document, powered by Protiviti's KnowledgeLeader platform, provides a framework for businesses looking to categorize and understand their core functions and processes. This scheme delineates business activities into two primary categories: operating processes and managing and supporting processes, thereby providing a structured approach to analyze and optimize organizational performance. It is instrumental in identifying strategic, operational and tactical levels of business functions, promoting a common language for better communication and alignment within the company.

9. Six Elements of Infrastructure for Public Company Readiness

This document includes the six elements of infrastructure focused on an organization’s public company readiness process. The six elements of infrastructure is a useful tool for categorizing issues, understanding where problems are occurring within the organization, and drawing conclusions to form the basis for recommendations. Consider these elements when designing a new process or assessing an existing process. This example focuses on aspects of an initial public offering (IPO). The market presents unprecedented challenges and difficulties, provides opportunities for companies to take a step back and revisit their long-term strategic goals against the current environment.

10. Application Controls Audit Work Program

Our Application Controls Audit Work Program is a detailed guide designed to assist organizations in evaluating the effectiveness of application controls, which are essential for preventing, detecting and correcting errors or fraud within information systems. This tool underscores the significance of regular audits as part of an organization's risk management strategy, ensuring data accuracy, regulatory compliance and operational efficiency. It provides a clear framework for identifying risks, implementing controls and improving processes to secure information systems. This work program includes actionable steps tailored to varying complexities and types of applications, making it a versatile tool that can be customized to meet specific organizational needs.