Tools

The following tools were published on KnowledgeLeader this week:

Vendor Contracting Policy

The purpose of this policy is to establish guidelines and procedures to be followed by all employees of a company for legal review of proposed or actual activities and other matters related to vendors, which may impose a legal obligation to a company and required approvals prior to signing vendor contracts on behalf of the company. This policy serves as an essential framework for all company employees, detailing the processes required for the legal review, approval and execution of vendor contracts to ensure compliance with legal standards and corporate policies. It includes definitions of vendor contracts, delineates the scope of services, contractual timelines, pricing structures, and terms and conditions.

Vendor Rebates Audit Work Program

Explore our Vendor Rebates Audit Work Program for a systematic approach to auditing vendor rebates and ensuring adherence to best practices. This program provides a structured approach to reviewing supporting documentation, ensuring that rebate receivables are properly recorded and calculated in accordance with vendor contract terms. The document outlines key audit objectives, such as assessing the adequacy of general reserves for vendor rebates and verifying inventory adjustments. It includes detailed project work steps, such as obtaining trial balances, reconciling vendor rebate schedules, and testing the clerical accuracy of calculations.

Credit Card Information Handling Policy

Our Credit Card Information Handling Policy details the protocols and measures for managing and securing credit and debit card information within an organization. This policy underscores the importance of handling sensitive financial data with utmost care and making it accessible only to a limited number of authorized personnel as designated by top executives such as the CIO, CFO or General Counsel. It covers various aspects of data handling, including collection, input, maintenance and disposal of financial data, ensuring all processes comply with applicable laws and standards. This tool is structured to reinforce the company's commitment to safeguarding customer and company data against unauthorized access and breaches.

System Post-Implementation Audit Work Program

Our System Post-Implementation Audit Work Program provides a detailed framework for conducting post-implementation audits on a variety of systems. It is designed to assess the effectiveness and efficiency of a system, ensuring that it meets the intended business needs and complies with established procedures. This tool includes three samples that outline specific audit objectives, procedures and key contacts involved in the audit process. Each sample serves as a guide for auditors, helping them evaluate different aspects of the system such as resource utilization, access controls, data integrity and security configurations.

Publications 

KnowledgeLeader has also published several publications this week.

The Business Case for Internal Audit Software

Internal audit software is essential for modern organizations facing evolving risks, strained resources, and fragmented data systems. Traditional manual methods, such as spreadsheets, fall short in addressing these challenges, leading to inefficiencies and heightened risks. Internal audit software streamlines workflows, automates repetitive tasks, enhances collaboration, and provides real-time insights to improve decision-making. Its benefits extend beyond audit teams, driving organizational efficiency, resilience and cost savings. Automation reduces human error and optimizes resource allocation, as demonstrated by the National Bank of Georgia, which cut audit planning time by 50%. The software also strengthens risk management by offering predictive analytics, live dashboards and real-time alerts, enabling proactive identification and mitigation of risks, including regulatory penalties and reputational damage.

Global Market Trends and Consumer Expectations With the Economist’s Barsali Bhattacharyya

This article dives into global market trends, customer expectations, and why businesses should merge automation with human overview. Barsali Bhattacharyya, deputy director for The Economist Intelligence Unit and global lead for the Consumer and Retail sectors, highlights the mixed economic outlook for 2025, with strong growth in the U.S., recovery in Europe and sluggish prospects in China due to geopolitical uncertainties, such as U.S. tariffs on trading partners. Export-dependent economies like China, Vietnam and Japan are expected to face challenges, while India and the Middle East, particularly Saudi Arabia and the UAE, remain promising markets due to their expanding middle-class consumer base and tourism growth. Consumers, amidst caution, are seeking value and occasional indulgences, driving businesses to differentiate themselves through pricing strategies and value propositions.

Executive Perspectives on Top Risks for the Near- and Long-Term Manufacturing and Distribution Industry Group Results

This report highlights critical challenges faced by manufacturers and distributors in navigating an increasingly complex global landscape, based on the results of Protiviti’s 13th annual Executive Perspectives on Top Risks Survey. Economic uncertainty, inflationary pressures and regulatory ambiguity dominate near-term risks, with workforce shortages emerging as a major internal concern due to an aging workforce, tightening immigration policies, and rising labor costs. Technological disruption is reshaping the industry, with advancements like AI, IoT and "dark factories" enabling new competitors while demanding significant investment from established firms. Operational vulnerabilities persist, driven by supply chain disruptions, cybersecurity threats and reliance on third-party suppliers. Long-term risks are categorized into macroeconomic, strategic and operational dimensions, with talent availability, economic conditions and trade policy shifts leading concerns. 

Recommended Resources 

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

1. AICPA Names New FinREC Chairman
2. Payments Fraud Remains Rampant Despite Corporate Vigilance
3. Nominations Are Now Open for the Corporate Governance Awards 2025