Tools

The following tools were published on KnowledgeLeader this week:

IT Vendor Management Audit Work Program

Our IT Vendor Management Audit Work Program is designed to help organizations audit and manage their IT vendor relationships effectively. It includes detailed methodologies for assessing the policies, processes and controls related to outsourcing IT services. The program focuses on evaluating risk management strategies, vendor selection procedures, contract compliance and ongoing vendor performance. This ensures that companies can maintain robust oversight and mitigate risks associated with IT outsourcing. Included within the document are two samples of audit work programs, each tailored to guide users through the initial planning stages, execution and review of IT vendor management practices. 

Remote Site Visit Audit Work Program

Our Remote Site Visit Audit Work Program outlines a detailed framework for conducting audits remotely, utilizing advanced communication technologies such as videoconferencing, document sharing and remote interviews. This approach eliminates the need for physical presence, offering benefits like reduced travel costs, increased operational efficiency and improved environmental sustainability. This document addresses challenges such as verifying physical evidence and maintaining interaction quality, emphasizing the need for clear objectives, robust planning, auditor training and effective technology use. It serves as a versatile guide to help organizations customize audit processes while ensuring adherence to high standards of accuracy and control.

Internal Audit Activity Report

Explore the importance of internal audit and how a quality assessment review can enhance your audit functions for better compliance and effectiveness. This insightful report highlights the findings from an external quality assessment, which is mandated by international auditing standards every five years. It validates a company’s self-assessment, confirming that their internal audit activities generally conform to established standards while identifying opportunities for continuous improvement. Key sections of the report include an executive summary, detailing the effectiveness of the internal audit function in providing assurance and consulting services. The report emphasizes positive feedback from executive management, indicating that the internal audit team is perceived as credible and valuable in addressing significant risks and enhancing governance structures.

Physical Inventory Policy

Our Physical Inventory Policy outlines the procedures and guidelines necessary for managing physical inventories within an organization and its subsidiaries. It includes two samples, each tailored to address specific aspects of inventory management. Sample 1 emphasizes the importance of conducting both unaudited semiannual and audited annual physical inventories to ensure accurate reporting on the balance sheet and proper cost recognition. This sample details the roles of various company personnel in supervising the inventory process, coordination with external auditors, and methods for addressing discrepancies.

Check Request Policy

Our Check Request Policy includes two samples that outline essential guidelines for the request and approval of manual checks, emphasizing the importance of standardized procedures to enhance operational efficiency and maintain internal controls. It defines the check request process, which requires the completion and authorization of a check request form by relevant departmental personnel before submission to accounts payable. Original documentation, such as contracts and invoices, must accompany each request, and original signatures are mandatory to validate submissions. This policy also prohibits the use of faxed copies to prevent double payments and specifies that invoices cannot be subdivided across multiple requests.

Publications 

KnowledgeLeader has also published several publications this week.

Executive Perspectives on Top Risks for the Near- and Long-Term: Perspectives of Chief Human Resources Officers 

Leverage the insights from this report to enhance your organization's talent management strategies, address emerging risks, and foster a culture of agility and innovation in response to the evolving workforce landscape. Drawing insights from Protiviti's 13th annual Executive Perspectives on Top Risks Survey, which collected responses from over 1,200 executives globally, the report examines near-term (two to three years) and long-term (up to 2035) challenges across macroeconomic, strategic and operational dimensions.  

The Rising Importance of Data Minimization in the Telecoms Industry

In an era defined by 5G, artificial intelligence and the Internet of Things (IoT), telecom companies are managing unprecedented volumes of data. While this data fuels innovation and enhances customer experiences, it also introduces significant risks. Data minimization—the practice of collecting, processing and retaining only the data necessary for specific purposes—has emerged as a critical strategy to address these challenges. This article explores why data minimization is no longer just a regulatory requirement but a strategic imperative. With cyberattacks increasingly targeting the telecom sector, excessive data retention has become a liability, exposing companies to breaches, reputational damage and hefty fines. Recent high-profile incidents underscore the urgency of adopting robust data management practices.  

Recommended Resources 

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

1. Five Reasons Why Public Companies Should Conduct Post-Shareholder Meeting Engagement
2. GASB Updates Guidance on Application of Standards
3. CFO Confidence Experienced a Sharp Drop in Q2