Tools

The following tools were published on KnowledgeLeader this week:

Competitive Intelligence Questionnaire

Embed competitive intelligence (CI) into your strategic planning, performance management and risk tracking processes. By fostering a culture of vigilance and curiosity, this tool equips companies to anticipate market changes, seize emerging opportunities, and mitigate risks effectively. It highlights the necessity of CI as an enterprisewide capability that enables businesses to adapt swiftly to disruptions, outperform competitors and maintain relevance in rapidly evolving markets. This questionnaire emphasizes CI’s role in supporting both management and boards of directors by ensuring that strategic assumptions remain valid and identifying early warning signs of industry dissonance.  

Business Continuity Management Audit Work Program 

A sustainable business continuity program ensures that key continuity components are appropriately addressed to meet the recovery needs of the organization. A review of this area includes looking for a governance program that helps ensure the maintenance and adequacy of the continuity planning process. This BCM work program includes two samples that will help you assess the effectiveness of your BCM program, identify weaknesses, and improve your ability to recover from disruptions. 

Privacy Audit Work Program 

This Privacy Audit Work Program is designed to help organizations safeguard sensitive information and ensure compliance with privacy regulations. It provides a structured framework for conducting privacy audits, offering practical insights into identifying risks, implementing effective controls, and addressing vulnerabilities in data handling processes. By focusing on actionable steps, this work program empowers businesses to strengthen their privacy management practices while aligning with legal standards and organizational policies. It helps strengthen data protection and serves as a vital guide for attaining excellence in privacy governance and operational effectiveness.  

Consolidated Financial Statement Reporting and Disclosures Policy 

This tool contains two sample policies that can be used to ensure the completeness and accuracy of disclosures made in quarterly and annual public filings with the SEC. In these samples, a consolidated balance sheet and income statement are generated each month in the enterprise resource planning (ERP) system. Information for the financial statements is gathered from the accounting system, the ERP system subsidiary records and manual adjustments made by the financial team member performing consolidation. The primary source of financial information is the accounting system, and the accounting system contains financial data for the company.

HIPAA Security Gap Assessment Report 

This sample report reviews an organization’s compliance with components of the Health Insurance Portability and Accountability Act (HIPAA) Security Final Rule. Testing involved facilitating a kickoff meeting to ensure that scope expectations were clear and to ensure an appropriate understanding of company operations, key stakeholders and covered entity status; requesting and reviewing the reasonableness of documents that facilitate HIPAA Security compliance practices across the organization; and requesting and reviewing a preliminary inventory of HIPAA security-sensitive applications, data stores and physical media. 

Allowance for Doubtful Accounts Policy 

Gain insights into our Allowance for Doubtful Accounts Policy and its implications for managing accounts receivable and revenue cycle processes. According to this policy, all variations from this policy must be approved by the vice president responsible for control, the vice president responsible for the treasury function or the chief financial officer. Companies often reserve for uncollectable customer cash payments when invoices are past their due dates. The collection of accounts receivable is an important process in the overall revenue cycle that directly impacts cash flow. The formal collections process occurs when a customer’s account becomes past due, based on the invoice date. 

Publications 

KnowledgeLeader has also published several publications this week.

The “Secret Sauce” to Disruptive Finance: Purveying Better Data Sooner 

Finance leaders today face a pivotal opportunity to redefine their role by becoming catalysts for innovation and disruption. By harnessing the power of artificial intelligence (AI), automation and advanced analytics, finance teams can move beyond traditional responsibilities to drive meaningful change across the enterprise. With AI adoption already prevalent in many finance functions, and predictions that automation will completely reshape these operations by 2035, the urgency to invest in technology, infrastructure and skills has never been greater. Those who embrace this transformation can unlock the ability to deliver faster, more accurate insights, empowering their organizations to adapt to market shifts, seize new opportunities, and thrive in the face of uncertainty. Take a closer look at how CFOs and finance leaders are transforming financial reporting by leveraging AI, automation and enhanced data to drive disruptive finance strategies.  

From Requisition to Revenue

The seamless integration of supply chain management and revenue cycle processes is no longer optional, it’s essential for financial health and regulatory compliance. As hospitals face mounting pressures from shrinking reimbursements, rising supply costs and stringent transparency mandates, organizations that break down silos between these functions stand to gain the most. By conducting regular, in-depth audits, healthcare leaders can pinpoint hidden inefficiencies, recover lost revenue, and build pricing systems that withstand regulatory scrutiny.  

Digital Finance in MSMEs: Adoption, Governance and Risk Management

Digital finance is revolutionizing the landscape for micro, small and medium enterprises (MSMEs), empowering them to enhance their operational capabilities and thrive in a competitive market. With MSMEs accounting for over 90% of businesses worldwide and playing a pivotal role in the global economy, embracing digital finance solutions is no longer optional, it's essential. The challenges posed by traditional funding methods have been magnified by recent disruptions, such as the COVID-19 pandemic, which underscored the urgent need for resilient financial practices. By adopting robust governance and risk management frameworks, MSMEs can effectively navigate the complexities of digital finance, maximizing the benefits while minimizing potential risks. Explore how micro, small and medium enterprises (MSMEs) adopt digital finance based on governance and risk management.   

Recommended Resources 

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

1. Kentucky County Education Board Settles $300K Case With Former CFO
2. The Cost of a Crypto Promise: Seoul Court Orders Wemade to Deliver $7mn in Tokens
3. PCAOB Publishes Guidance Related to Audit Evidence Amendments