How Does Your Company Measure Up Against Digital Leaders?
This issue of Board Perspectives: Risk Oversight
discusses five levels of digital maturity: digital skeptic, digital beginner, digital follower, digitally advanced and digital leader.
Purchase Materials and Supplies: Monitor Contract Spend RCM
This document outlines risks and controls common to monitoring contract spend during the “purchase materials and supplies” process in a risk control matrix (RCM) format.
Procurement Card Audit Work Program: Sample 2
This sample work program outlines an effective audit of a company’s p-card program, including the following process areas: policies and procedures, card provisioning, card use, card deactivation, system administration and change management.
UPDATED AUDIT REPORT
Billing and Credit Memo Process Review Audit Report
This sample audit report focuses on the customer billing and credit processes for invoices and credit memos.
UPDATED BENCHMARKING TOOL
Data Analytics by Business Process
This tool lists sample data analytics that can be run for common business processes, including procure-to-pay, order-to-cash, human resources, inventory and finance.
Process and Activity-Level Controls Assessment Guide
This sample document can be used as a guide to assessing controls at the process or activity level.
Sarbanes-Oxley 404 Compliance Project Testing and Documentation Standards Guide
This guide can be used by Sarbanes-Oxley project teams to test Section 404 key controls and document the testing results.
Five Reasons for Conduct Risk Failures — With One Shared Cause
In this white paper, we analyze the root causes of conduct risk failures, focusing on five specific but interconnected areas.
HOT ISSUE ARTICLES
FASB Proposes Delaying New Lease Standards for Private Companies, But There’s No Time to Waste
This article summarizes the lease accounting standard pressures organizations face and offers a step-by-step process for tackling the implementation process.
Compliance 2.0: Transforming SOX Practices With Technology
This article describes a new technology-driven SOX model, SOX compliance 2.0, and its ability to encourage innovative thought into an organization’s audit process to deliver improved results and maintain next-generation internal audit.
KNOWLEDGELEADER BLOG POST
How to Achieve Remarkable Value From Internal Audit in the Digital Age
In the digital age, internal audit must innovate and transform itself into an agile, multiskilled and technology-enabled function — a “next-generation” function. This week's blog post explores internal audit and how to achieve value in the digital age.
Can Chief Audit Executives Wear Multiple Hats?
This article describes how combined responsibilities work for CAEs who serve in multiple roles, including head of compliance, and addresses what internal audit experts think of combining audit with compliance and other jobs. Source: internalaudit360.com
FASB Proposes Guidance to Ease Transition to New Benchmark Rates
This article analyzes the guidance proposed in response to an FASB project launched late last year to address potential accounting challenges associated with the expected move of global capital markets away from interbank-offered rates. Source: journalofaccountancy.com
FEATURED KLplus CPE TRAINING COURSE
Business Writing: Editing and Proofreading
This course describes how to edit and proofread effectively, covering key areas, such as tone, structure, clarity, and accuracy, as well as common grammar, punctuation, and spelling mistakes to watch out for. The completed course is worth 0.5 CPE credit, by the end of the course, the learner will be able to:
KNOWLEDGELEADER'S GREATEST HITS!
Treasury and Cash Management Process Flow: Sample 1
- Identify general techniques for editing and proofreading
- Recognize errors related to accuracy and completeness in a given business document
- Identify guidelines for editing the structure of written documents
- Specify ways to handle lack of clarity or conciseness in written documents
- Recognize the appropriate use of tone for a given situation
- Recognize issues related to word usage and punctuation when proofreading a given business document
- Identify grammar, spelling, and style consistency mistakes in a given business document
- Apply techniques for editing and proofreading written documents
When cash flows are improperly monitored and adequate controls to prevent fraud and misstatements aren’t in place, there is a large amount pervasive business risk. This process flow focuses on the treasury and cash management processes and provides controls to mitigate risks.
CCH TAX AND ACCOUNTING - ACCOUNTING RESEARCH MANAGER UPDATES
Weekly Summary of Accounting, SEC, and Auditing Developments
TOP 5 PAGES ON KNOWLEDGELEADER
- Debt – FASB Issues Revised Proposal to Improve Balance Sheet Debt Classification
- Banking – SEC Proposes Rules to Update Statistical Disclosures for Banking Registrants
- Checklist – New Edition of Variable Interest Entity Checklist Published
- Fair Value Measurement – New Edition of Interpretations of Topic 820 Published
- Derivatives Markets – SEC Commissioner Peirce Discusses International Derivatives Markets
- Income Taxes – New Edition of GAAP Update Service Discusses FASB Proposal on Simplifying the Accounting for Income Taxes
- Accounting Estimates – AICPA Publishes Supplementary Materials for Proposed SAS on Auditing Accounting Estimates
- Auditing Standards – AICPA Releases Marked Drafts of Proposed AU-C Sections
- Employee Benefit Plans – New Edition of GAAS Update Service Discusses SAS 136
- Single Audits – New Edition of Knowledge-Based Audits Published
- Investment Companies – New Edition of Valuation Guide Published
- Construction Contractors – New Edition of Audit and Accounting Guide Published
- Leases – New Edition of Governmental GAAP Update Service Discusses GASB Leases Implementation Guide
These were the most popular items on KnowledgeLeader last week:
- Inventory Policy
- Sarbanes-Oxley Auditor Walkthrough Guide
- Provide Financial Information to External Parties: Risk Reporting RCM
- AR and Cash Application Process Flow
- Internal Audit Performance Measures Key Performance Indicators (KPIs)