Explore the 10 most-viewed audit tools and publications that are helping professionals elevate their practices and stay ahead of industry trends. Download your favorites and see which resources made the biggest impact this month!

1. Internal Audit Department Key Performance Indicators (KPIs)

The document emphasizes integrating technology into the audit process to enhance efficiency and effectiveness. This can be measured by tracking factors such as average hours of EDP auditing training, utilization of standardized/automated tools, or ratio of microcomputers to auditors. Additionally, it delves into maximizing performance via a blend of audit and operational expertise, which includes measuring personnel skill levels, industry expertise among IA employees, number of requests for operational audits/process reviews, and more.

2. IT Internal Audit Report

This sample audit report discusses steps auditors can use when conducting an information technology (IT) audit. Testing involved identifying and evaluating the key general computer controls in place to support the company’s processing in the areas of information security, computer operations, software change management and systems support; identifying and evaluating the key controls around system security (both user administration and functional security rights); providing implementation team support by acting as a controls expert in the subject matter during the design of CPOE; and attending key committee and team meetings as necessary in addition to serving in a project risk/controls advisory role.

3. Internal Audit Engagement Memo

This internal audit engagement memo informs an auditee of an upcoming audit and includes the objectives of the audit, proposed timetable and audit team members. In this sample, internal audit solicits a meeting with the department head to discuss audit objectives and seek input. The team will audit results and potential recommendations of the audited area with management before scheduling an exit conference with the department head. The department head will receive a draft audit report prior to the exit conference and a final audit report after the exit conference.

4. Hotel Audit Work Program

Explore this sample audit program for reviewing hotel expenditures and policies, which provides detailed procedures and checklists for evaluating various aspects of hotel operations, including financial control, planning, revenue management, expenditure cycles, contract compliance and internal controls. This tool provides a structured path for assessing the effectiveness and efficiency of internal controls, verifying compliance with established policies and procedures, and identifying areas of potential improvement or risk.

5. Accounts Receivable Policy

Our Accounts Receivable Policy is designed to strengthen financial operations by providing clear, actionable guidelines for managing receivables. Its purpose is to ensure that organizations maintain accurate records, enforce proper internal controls and follow industry best practices for billing, collections and risk management. By implementing the principles and procedures outlined in this tool, companies can improve cash flow, minimize bad debt exposure and achieve greater consistency and transparency in their accounting processes, all while staying compliant with relevant regulations. This resource is crafted to spark interest and deliver real value, making it essential for any business seeking to optimize its revenue cycle.

6. Risk Assessment and Internal Audit Plan

The detailed risk assessment results in this sample audit report can help you measure and improve your organization’s internal audit process. By conducting a thorough risk assessment, the document provides management with insights into potential vulnerabilities within various business processes, ensuring that critical areas receive appropriate attention during audits. The plan is designed not only to comply with regulatory requirements, such as the Sarbanes-Oxley Act, but also to promote best practices in risk management and internal controls.

7. Entity-Level Controls Assessment Report

This document contains two sample audit reports that can be used to document management’s assessment of internal controls over each of the five components at the entity level. Testing involved activities such as facilitating an entity-level survey of top management to assess their views on the entity-level controls, reviewing documentation of entity-level controls as they exist, reviewing entity-level information technology controls, and assessing control effectiveness at the entity level and making recommendations for improvement as appropriate.

8. Physical Inventory Count Memo

Organizations can use the physical inventory instructions in this sample memo to compare counted quantities to on-hand quantities to identify discrepancies. Sample steps covered in this memo include leading the count team in the physical counts for each designated area; assigning sheets to count team members; collecting all completed count sheets and deliver to area coordinator; ensuring that all counters are properly maintaining count sheets, legibly recording counts on sheets and initialing the count; ensuring that all items are physically marked with colored labels after counting; and communicating directly with the war room on issues regarding inventory counts for each designated area.

9. Audit Project Checklist

This tool contains several checklists that can be used to assess the extent to which project management standards are being upheld. Sample steps include announcing the audit, scheduling a scope meeting, performing initial research, reviewing prior audits, identifying regulations/laws, identifying contracts/vendors, identifying best practices, calling report/other financial trends, documenting processes/controls (narrative/flow chart), coordinating with the monitoring and testing department, conducting an audit brainstorming session, updating the draft scope meeting agenda, drafting and sending the scope and request list, obtaining populations and select samples, conducting an internal expectations meeting, and performing testing.

10. Internal Audit Feedback Questionnaire

This tool includes 10 sample questionnaires that can be used by internal audit functions to gather client feedback and measure client satisfaction. Sample questions include: What is your overall evaluation of internal audit’s performance for this project? How much value do you believe the audit provided to your group/department? How likely are you to use internal audit for future projects? How much would you be willing to recommend internal audit to other members of management? Would you ask internal audit for help in a situation warranting their attention?