Mon, Apr 1, 2024


The following tools were published on KnowledgeLeader this week:

Inventory Policy

This Inventory Policy outlines guidelines and accounting policies to ensure that inventory is properly controlled and valued and that losses or shortages are prevented. Under this policy, inventory costs are determined by using the full absorption method, which includes material, direct labor, variable and fixed indirect production (overhead) costs. 

IT System Development Lifecycle (SDLC) Methodology Policy

The IT system development life cycle (SDLC) methodology promotes a controlled business environment where an orderly process takes place to minimize the risk of implementing major new applications or changes to existing applications. This policy defines the methodologies and processes for the effective implementation of application development projects and significant application upgrades.

Documenting Processes and Controls for Sarbanes-Oxley Guide

Organizations can utilize this manual as a guide for establishing consistent and thorough Sarbanes-Oxley documentation standards. According to this guide, to write a process narrative and a process flow chart, it is helpful to conduct a walk-through. A walk-through is a process by which you take one example of a transaction and trace it all the way through the process.

Sarbanes-Oxley Roles and Responsibilities Guide

This sample guide can be used to understand the roles and responsibilities of team members involved in Sarbanes-Oxley (SOX) compliance assessment. Team members include the process/control owner, risk control specialist (RCS), project management office (PMO) and internal controls steering committee (ICSC). Process/Control owners have the primary responsibility of updating control descriptions for those controls in which they have been identified as the control owner. 

Auditing IT Governance Guide

Use this comprehensive guide to focus on the optimal investment in, and the proper management of, critical IT resources. Example review documents covered in this guide include IT strategic plans and other strategic planning documents, IT steering committee materials, IT presentations/communications to the board of directors, and IT policies and governance processes.

Request for Proposal: Establishing an Internal Audit Function

This tool contains two sample requests for proposals (RFPs) that can be used by organizations seeking a qualified service provider to establish an internal audit function. The company’s internal audit function will be responsible for evaluating and improving the effectiveness of the risk management, control and governance processes in all locations in which the company operates.


KnowledgeLeader has also published several publications this week.

Majid Al Futtaim Retail: Embracing Relevance as a Guiding Principle for Transformation

According to Ali F. Hadman, Majid Al Futtaim Retail’s Chief Audit Officer, internal audit helps to “steer” the business in its decision-making without “jeopardizing the function’s independence and objectivity.” “I want audit to become a body that exports talent to the organization. I don’t want audit to be a final destination. In this profile, Hadman describes how his team uses relevance to push internal audit transformation forward. 

Navigating the Digital Evolution: Uncovering Governance Challenges and Strategies for Successful Transformation

The strategies that once propelled organizational success are no longer effective, prompting a shift toward digital transformation. The article dissects the challenges organizations face in the ever-evolving digital landscape and explains the shortcomings of current governance practices that impede successful digital transformation.

Why Boards Should Care More About Geopolitics Than Ever Before

After decades of globalization shaping the world order, businesses are now forced to accept a new reality. Geopolitical risk is an ever-growing threat with far-reaching potential consequences. This risk arises from a growing polarity in the interactions between and among countries. In this issue of Board Perspectives, we summarize suggested steps directors can take to address geopolitical risk. 

Recommended Resources 

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

  1. Five Ways to Mitigate Greenwashing — and Greenhushing — Risks
  2. A First Look at Using Microsoft’s New AI Tool, Copilot
  3. Three Steps CFOs Must Take to Prepare for the New Merger Guidelines