New Content on KnowledgeLeader - 1/29/2024
Essential Tools and Guidelines for Effective Risk Management and Compliance
Tools
The following tools were published on KnowledgeLeader this week:
Inventory Valuation Policy
This Inventory Valuation Policy is designed to help organizations strengthen their inventory management and financial reporting processes. By offering clear, practical guidelines, this resource enables businesses to achieve greater accuracy and consistency in valuing their inventory, supporting compliance with accounting standards and minimizing risks related to misstatements or losses. Ideal for companies seeking to enhance their internal controls, this tool provides a structured set of procedures that can streamline operations and improve transparency, making it an essential asset for any organization interested in optimizing inventory practices..
Self-Assessment Validation and Independent Testing: Level of Effort Estimate Guide
Navigating the complexities of self-assessment and independent testing can be a little difficult, but our Self-Assessment Validation and Independent Testing Level of Effort Estimate Guide transforms this challenge into a manageable process. This resource empowers organizations to methodically estimate the time and effort required for effective risk management activities. By focusing on key components such as control testing and risk identification, the guide illuminates the pathways to achieving operational efficiency while ensuring accountability among stakeholders. With a clear outline of roles and responsibilities, it sets the stage for a collaborative approach to enhancing the control environment.
IT Audit Update: Audit Committee Report
Utilize this audit report sample to evaluate your organization’s general computer control risks and report on the progress made toward addressing audit findings. Sample procedures to perform include interviewing key members of the management team and other key participants involved with technology infrastructure while leveraging heavily the results of the GCC and (Insert Program or Application) reviews.
Sarbanes-Oxley Section 404: Guidance for Documenting Test Results
This guide outlines steps to complete when documenting your organization’s SOX Section 404 test results. Steps in this tool include remembering to incorporate work paper references on the first page of each document using colored ink/pencils and developing an overall conclusion on the overall effectiveness or ineffectiveness of each control tested.
IT Governance Capability Maturity Model (CMM)
This capability maturity model can be used to measure the maturity of an organization’s IT governance and to assist its progress from the initial/ad-hoc state toward the optimized state. In this sample, an optimized organization’s IT proactively presents solutions to the business.
Internal Audit Manager Job Description
This tool contains two sample job descriptions that outline the responsibilities, key selection criteria and general information for the role of the internal audit manager. The internal audit manager is responsible for performing advanced, specialized and/or managerial auditing work in multiple disciplines. The candidate should ensure that they are prepared to manage complex audits.
Publications
KnowledgeLeader has also published several publications this week.
The Top Risks for 2024: Risk Priorities Are Shifting
Economic conditions, particularly inflationary pressures, replaced talent risk and succession issues as the number one risk globally for 2024 (up from second in 2023). In this issue of Board Perspectives, we discuss the 10 highest-rated risk themes noted in the survey to provide a context for understanding the most critical uncertainties companies face over the next 12 months.
2023 Audit Committee Transparency Barometer
Over the last 10 years, the Center for Audit Quality (CAQ) has worked with Ideagen Audit Analytics to create an annual Audit Committee Transparency Barometer. In this article, Audit Analytics further examines disclosure trends related to transparency in audit committee proxy statements over a 10-year period.
Executive Perspectives on Top Risks for 2024: Private Equity Industry Results
The volatility that roiled the PE market in 2023 is evident in how leaders in the industry have shifted their risk priorities for the coming year as well as over the long term. This report breaks down the top risks private equity firms should consider moving forward, based on the results of Protiviti’s Executive Perspectives on Top Risks for 2024 Survey Report.
Recommended Resources
This list of recommended resources from the web may be of interest to you. Click each link to learn more.