Tools

The following tools were published on KnowledgeLeader this week:

Close-the-Books Audit Work Program

Our Close-the-Books Audit Work Program serves as a detailed framework for conducting audits related to the financial close process, ensuring compliance with generally accepted accounting principles (GAAP) and relevant regulatory requirements. It outlines the essential steps involved in planning, fieldwork and reporting phases of the audit. This program emphasizes the importance of understanding the organizational structure, policies and procedures that govern the closing process. It also highlights the necessity for effective communication and coordination among key personnel, as well as the establishment of comprehensive checklists to track tasks and responsibilities throughout the closing period.

Project Risk Management Audit Work Program

Our Project Risk Management Audit Work Program serves as an essential tool for internal audit and project management professionals focusing on the thorough evaluation of project risks and controls. It is structured into four samples, each tailored to address specific aspects of project risk management such as strategic alignment, integration, change control and post-implementation reviews. This program outlines methodologies for assessing risk areas, implementing best practices, and ensuring projects align with business and IT strategies.

Travel and Entertainment Review and DOA Review Report

Our Travel and Entertainment Review and DOA Review Report encompasses a detailed examination of a company's travel and entertainment (T&E) expenditures, along with an analysis of the delegation of authority (DOA) processes. This report outlines the methodology used to assess the current T&E policies, including interviews with key personnel and a review of submitted expenses over a specified period. It highlights significant findings, such as the prevalence of missing receipts, delayed submissions and noncompliance with established policies. It also identifies specific high-risk expense categories that require closer scrutiny, particularly around group meals and transactions occurring on holidays or weekends.  

Unclaimed Property Policy

Our Unclaimed Property Policy outlines procedures for managing unclaimed or uncashed payments, ensuring compliance with state regulations. This policy defines key concepts such as outstanding checks, uncashed checks and escheatable funds, while detailing the responsibilities of various departments within the organization. This policy emphasizes timely follow-up on unclaimed payments, requiring that efforts to contact payees commence 90 days after issuance. Additionally, it mandates the transfer of stale-dated checks to an Outstanding Check Account and provides a framework for remitting unclaimed property to the state after the designated holding period.

Publications 

KnowledgeLeader has also published several publications this week.

The Upside of Uncertainty: Seizing Opportunities Amid a Global Structural Shift 

Explore how resiliency and the upside of uncertainty can transform challenges into opportunities for boards. In this edition of Board Perspectives, Heidi Crebo-Rediker, a senior fellow at the Center for Geoeconomic Studies at the Council on Foreign Relations, emphasizes that the current business environment is not merely another economic cycle, but a significant structural transformation characterized by lower growth, higher inflation and increased volatility. She warns against strategic inertia, advocating for proactive engagement with emerging uncertainties to avoid being blindsided by risks without seizing potential opportunities. Crebo-Rediker also highlights Europe's strategic pivot toward increasing defense budgets and investments in energy, digital infrastructure and green transitions, presenting unique business opportunities.  

IPO Trends Q1 2025

In the first quarter of 2025, the initial public offering (IPO) market witnessed a robust performance with 79 new initial public offerings (IPOs) raising a total of $11.4 billion, marking a significant 30% increase in gross proceeds compared to the previous quarter and the highest total for any quarter in the last five. Traditional IPOs dominated, comprising 73% of the offerings with 58 listings, while SPACs accounted for 19 offerings, reflecting a decrease of 17% from the prior quarter. Notably, three unicorn IPOs emerged, with Venture Global, Inc. leading by raising $1.75 billion, followed by CoreWeave, Inc. at $1.5 billion, and SailPoint, Inc. at $1.38 billion. Discover Q1 2025 initial public offering trends, including a 30% rise in proceeds and traditional IPO dominance, and auditor market insights.

Former Procter & Gamble Global CMO Jim Stengel: A Hyperfocus on Customers Builds Trust in Tough Times

Jim Stengel, former Global CMO of Procter & Gamble, emphasizes that in today’s disruptive and unpredictable environment, building trust through a hyperfocus on customer experience is crucial for brand success. In this article, he highlights how brands thrive by understanding and quickly adapting to evolving customer needs, as demonstrated by Chili’s, which reframed its value proposition to compete with fast food, resulting in significant business growth. Stengel underscores the importance of creating value, citing his experience with Pampers in developing markets where reframing the product's benefits led to explosive growth. He stresses the necessity of integrating brand and performance marketing teams to ensure alignment and synergy, as seen in successful brands like Duolingo.  

Recommended Resources 

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

1. Four Strategies for Faster Financial Forecasting: Metric of the Month
2. AICPA Makes Priority Guidance Plan Recommendations to IRS
3. Five Budgeting Strategies for CFOs Navigating Economic Uncertainty