Mon, Nov 6, 2023

Tools

The following tools were published on KnowledgeLeader this week:

Independent Contractor Policy

According to this policy, a purchase order must be completed and authorized per the company’s signature authority policy before hiring an independent contractor; details regarding the work type and length must be included in the purchase order (PO) or within a separate contract; the contractor will be given an access and identification badge, allowing him/her to enter and leave the company’s buildings freely; and all independent contractors will be paid through the accounts payable department. Organizations can use the procedures outlined in this Independent Contractor Policy to hire and pay independent contractors.

Indirect Procurement Policy

Organizations can apply the guidelines outlined in this document for the procurement of indirect services and goods. This policy discusses indirect expenses, capital services and goods purchases; requisition submittal and approval; requisition requirements; and expensed/capital purchase orders. This process applies to all Company X locations and employees worldwide, and most company purchases are made through the company's procurement department. 

Inventory Cycle Count Policy

In this policy, it is the responsibility of the corporate controller to determine those operating units in their group that would benefit from a cycle counting program and to work with operating management and the unit controller in the timely and effective implementation of such a program. Use this Inventory Cycle Count Policy to maintain a high level of inventory record accuracy within your organization.

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?

Process Documentation Narrative and Flow Chart Guide

Use this guide to develop an adequate understanding of your organization’s processing environment, which includes a process flow example and guidance on other elements to incorporate. 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. 

Improving Controls Through Integrated Business Planning Guide

This guide offers insights on integrated business planning, which aims to integrate the financial and operational business perspectives on a single plane, leading to superior and integrated decision-making. The goal of integrated business planning (IBP) is to connect these disjointed teams, currently planning in their own silos with limited regard for the business realities of the other teams.

Publications 

KnowledgeLeader has also published several publications this week.

2023 IT Audit Benchmarking Survey

The results from this year’s Global Technology Audit Risks Survey reveal a complex and multifaceted landscape of technology risks. This report, summarizing the survey results, functions as both a mirror and a road map. It provides insights into the current state of technology risks while also guiding technology audit leaders and teams through the challenges and opportunities that lie ahead. Additionally, within the report, we offer key calls to action aimed at assisting IT audit leaders and teams in taking their technology audits to the next level.

Success With Generative AI Requires Balancing Risk With Reward

In this whitepaper, we explore how leaders can develop ethical and responsible governance frameworks for their GenAI programs and start their GenAI journeys with innovative pilots. Despite the challenges and uncertainties of generative AI (GenAI), business leaders should be eager to seize the opportunities offered or else risk their business being disrupted. With 60% of organizations planning to pilot or operate GenAI applications by 2024, the time is obviously now to begin to experiment and learn. 

Recommended Resources 

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

  1. ESG Increasingly Factored Into Investment Decisions, Asset Owners Say
  2. 56% of CFOs Struggle to Balance Cost Cutting and Future Growth
  3. Tighten Talent Acquisition Strategies to Compete in the Challenging Labor Market
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