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

1. Project Risk Management Audit Work Program

Our Project Risk Management Audit Work Program serves as an essential tool for internal audit and project management professionals focusing on the thorough evaluation of project risks and controls. It is structured into four samples, each tailored to address specific aspects of project risk management such as strategic alignment, integration, change control and post-implementation reviews. This program outlines methodologies for assessing risk areas, implementing best practices, and ensuring projects align with business and IT strategies.

2. Enterprise Risk Assessment Board Report

The ultimate goal of enterprise risk management (ERM) is to evaluate total returns relative to total risks, leading to more informed business decisions. This sample report provides findings from a review of a company’s enterprise risk assessment. It serves as a strategic guide for implementing an ERM initiative, starting with detailed management interviews to gather insights into current organizational challenges and risks. The presentation includes a structured risk assessment process involving the formulation of risk statements, distribution of surveys to management, and live voting sessions to evaluate the significance of identified risks.

3. 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.  

4. Internal Audit Status Update Report

Access our internal audit status update report for detailed information on enterprise risk planning (ERP) control changes and NIST CSF key areas. This document offers a detailed summary of an internal audit plan, including the status and completion percentages of various audit projects. It highlights completed audits, such as a company’s post-implementation review, providing insights into the scope, results and identified opportunities for improvement. This report also tracks the status of management action plans, validating the completion of agreed-upon action items and addressing any outstanding issues. It aids in ensuring that internal controls are effective, policies and procedures are up-to-date, and the organization is compliant with regulatory requirements. By presenting audit findings, risk factors and recommendations, the report facilitates informed decision-making and supports the continuous improvement of your company's internal control environment, cybersecurity measures and overall operational efficiency.

5. Risk Management Concepts Guide

In this tool, we’ve compiled guidelines that auditors can use to better understand and improve the organization’s risk management processes. This guide underscores the importance of an integrated risk management (ERM) approach that encompasses all strategic, operational, compliance and reporting risks. It also outlines key components such as developing a risk management policy, integrating risk management into existing processes, clearly defining roles and responsibilities, and maintaining focused executive and board reporting. It also emphasizes building and driving a risk-aware culture, assigning clear accountability, and using consistent risk language and evaluation scales. The document details various risk management techniques such as avoiding, accepting, reducing and transferring risks, along with specific actions like divesting, prohibiting, self-insuring and outsourcing. 

6. General Ledger Accounting (Close the Books): Other Liabilities RCM

A successful risk management strategy requires a strong internal control environment. The risk control matrix (RCM) format emphasizes that strong and risk-oriented internal control environments are often optimized with automated/manual controls, depending on the situation. An RCM provides an overview of different control objectives that organizations should take into consideration and the corresponding controls to safeguard the company against risks, which may arise if not checked timely. Once customized to an organization, this document can help the user in assessing each control. The control assessment can then also be summarized to develop an action plan.

7. IT General Controls Audit Work Program

This tool contains four sample work programs that provide best-practice steps an organization should consider when evaluating its IT general controls environment. The objective is to assess how well the infrastructure, applications, policies and procedures support the organization’s operations. This evaluation involves identifying ITGCs through discussions with key IT personnel and reviewing relevant policies and documents. The design assessment compares current practices against leading IT frameworks such as COBIT and ITGI, allowing for a thorough understanding of the organization's adherence to best practices. 

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. Fraud Policy

Our Fraud Policy provides a detailed framework for preventing, detecting and responding to fraudulent activities within an organization. This tool underscores the company's commitment to transparency, accountability and integrity while fostering a culture of honesty and intolerance toward fraud and corruption. This policy defines fraud and corruption, offering examples such as financial misappropriation, misuse of company resources and unethical behavior. It establishes procedures for reporting suspicions, ensuring that employees and external parties can voice concerns through secure channels. It emphasizes confidentiality with measures in place to protect whistleblowers and prevent reputational harm to individuals wrongly accused. This document also outlines the responsibilities of various parties, including the HR and legal director, audit committee, and board of directors, in investigating and addressing fraud.

10. 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.