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

1. Media Spend Review Audit Report

This audit report template can be used by auditors conducting a review of an organization’s media spend.Testing involved activities such as providing stakeholders with an independent assessment of the internal controls within the media spend process, evaluating the design of key controls within media spend processes to identify and remediate gaps, identifying process improvement opportunities for increased efficiency and effectiveness, and verifying the adequacy of services received in line with contracted terms and conditions.

2. Process Documentation Narrative and Flow Chart Guide

Documenting the understanding of a process, related controls, and key roles and responsibilities can be achieved through process narratives and flow charts. Both of these documentation techniques assist internal audit teams and those responsible for the processes with establishing a common understanding of a process. Once these documents are confirmed as accurate, they provide a baseline for performing risk analysis, testing internal controls and implementing process improvements as necessary.

3. 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.

4. Risk Management Policy

This benchmarking tool provides a comprehensive framework for evaluating the performance of an internal audit department using different metrics and indicators. Key concepts discussed include developing effective communication strategies to drive management and employees to action. Metrics include monitoring the percentage of implemented recommendations within agreed-upon timelines, the frequency of surprises at exit meetings, report cycle times, and more. The concept of positioning internal audit as a change agent is also introduced with metrics like issues identified using facilitated sessions compared to traditional audit approaches. 

5. Business Continuity Management Audit Work Program

In today’s unpredictable business environment, having a robust continuity plan is essential for ensuring uninterrupted service and safeguarding customer trust. This Business Continuity Management Audit Work Program is designed to help organizations evaluate and enhance their preparedness for disruptive events. This tool provides practical guidance to identify vulnerabilities, refine recovery strategies and align continuity efforts with industry best practices. By using this resource, businesses can strengthen their operational resilience while demonstrating a commitment to reliability and risk management.

6. Audit Planning Memo

A well-designed audit planning memo is the foundation for a successful and efficient audit, providing a clear roadmap that guides teams from initial risk assessment through to final reporting. This tool streamlines the entire planning process by helping organizations identify key audit projects, prioritize resources and address potential issues before they arise. With its practical templates and structured approach, the audit planning memo enhances communication, improves audit quality, and supports effective supervision and review. By using this resource, organizations can expect smoother audits, better collaboration and meaningful cost savings.

7. 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.

8. Account Reconciliation Policy 

Our Account Reconciliation Policy provides organizations with a structured framework to ensure financial accuracy, accountability and compliance through regular and standardized account reconciliations. By clearly defining procedures, responsibilities, and documentation requirements, this tool empowers finance teams to identify and resolve discrepancies swiftly, strengthen internal controls, and maintain the integrity of balance sheet accounts. Its adaptable templates and practical guidelines foster efficient workflows and promote transparency across financial operations, making it an essential resource for any organization committed to reliable financial reporting and risk mitigation. Downloading the full tool will equip your team with proven strategies to optimize reconciliation processes and safeguard your financial statements.

9.Management Response to Internal Audit Reports Memo

Use the important points included in this memo to draft management responses to audit observations. It focuses on the key considerations of a well-written management response, explains the S.M.A.R.T. procedure, answers frequently asked questions and provides additional resources. At the end of each audit, upon issuance of the draft report, management of the audited unit is responsible for developing and implementing an action plan that will remediate any risks associated with the observations noted during the audit. 

10. IT Data Management Audit Work Program

Our IT Data Management Audit Work Program serves as a resource for organizations seeking to enhance their data management practices. This tool is designed to help businesses identify vulnerabilities, ensure compliance with regulatory standards and establish robust data security policies. This program enables organizations to strengthen their data governance frameworks, fostering greater stakeholder confidence while ensuring the protection of critical information assets. It provides a structured methodology for evaluating and enhancing data management processes, positioning it as an indispensable resource for organizations striving to achieve superior standards in IT data management.