BOOKLET
Internal Auditing Around the World: Volume 16
The future auditor has arrived. It’s a bold statement — and it’s true. The new edition of Internal Auditing Around the World addresses how internal audit is seizing — as well as creating — opportunities to use technology, including emerging tools like robotic process automation (RPA) and artificial intelligence, not only to increase their overall efficiency and productivity, but also to innovate.
AUDIT REPORT
Accounts Receivable Credit and Collections Audit Report
This document contains three sample audit reports that can be used by auditors to learn how other organizations performed an accounts receivable credit and collections audit.
QUESTIONNAIRES
Process Owner Accountability Questionnaire
This tool provides an overview and description of process owner accountability and responsibility for testing operational effectiveness. It also includes a list of diagnostic questions for analysis.
Effective Internal Controls Over Financial Reporting (ICFR) Testing Questionnaire
This tool outlines best practices and questions to consider when documenting the summary and results of ICFR testing.
POLICY
Record Management Policy
This tool contains two sample policies that outline guidelines and procedures related to managing and retaining business records.
CHARTER
Audit Committee Charter
This document contains nine samples that provide guidelines and standards for creating an audit committee charter.
WORK PROGRAM
System Pre-Implementation Audit Work Program
This tool contains two sample work programs that highlight general steps organizations should follow when executing a pre-implementation review audit.
HOT ISSUE ARTICLES
Treasury Department Weighs in on Contentious BI Claims Dispute
This article explains what’s on the horizon for insurers reeling from the pandemic.
Going Back to the Office: Determining Key Personnel Risk in a New Reality
This article explores the topic of key personnel risk and gives management several back-to-office factors to consider.
Risk Awareness and Analytic Insight: Driving Audit Into the Future
The next generation of audit, described in this article, is heavily focused on identifying and responding to organizations’ risk management needs in a dynamic fashion.
FEATURED LINKS
Introducing the IIA's Competency Framework: What It Is
The IIA's new Internal Audit Competency Framework is designed to help individuals navigate a successful career in internal auditing focused on best practices and practical applications. Source:
theiia.org
Companies Use Full Array of Tools to Navigate the Pandemic
This article explores what tactics large public companies have used to expand credit, conserve cash and reduce tax burdens to combat the devastation of the pandemic. Source:
journalofaccountancy.com
For Internal Audit, Success Boils Down to Five "A"s
Richard Chambers shares his five key takeaways on effective internal auditing from the IIA's International Professional Practices Framework. Source:
theiia.org
COVID-19 Challenges to Forensic Accounting
Pandemic restrictions are changing the way that forensic accountants are working. Here are some tips on how to navigate this new landscape. Source:
journalofaccountancy.com
KNOWLEDGELEADER'S GREATEST HITS!
Strategic Internal Audit Plan
This sample outlines the approach employed by internal audit to develop the audit plan and indicative projects for the year.
FEATURED KLplus CPE TRAINING COURSE
Guiding the Analysis for Effective Data-Driven Decision Making
Selecting an appropriate analysis method to best address the business opportunity and solve your identified problem is critical to effective data-driven decision making. In this course, you'll learn about analytics categories, business intelligence, selecting an appropriate analytical method, and evaluating and refining your analysis. The completed course is worth 0.5 CPE credits, by the end of the course, the learner will be able to:
- Discover the subject areas that will be covered in this course
- Distinguish between reporting and analysis
- Recognize the four common analytics categories
- Identify the four business intelligence classes
- Identify questions to ask to determine an appropriate analysis type
- Recognize the attributes you want to test for in your analysis results
- Knowledge Check: Conducting an Analysis
CCH TAX AND ACCOUNTING - ACCOUNTING RESEARCH MANAGER UPDATES
Weekly Summary of Accounting, SEC, and Auditing Developments
- Credit Markets – SEC Staff Releases Report on U.S. Credit Market Interconnectedness and the Effects of the COVID-19
- Checklist – New Edition of Summary Checklist of Recent Authoritative International Financial Reporting Standards
- Insurance – FASB Discusses Proposal on Effective Date and Early Application for Insurance Standard
- Financial Instruments – New Edition of GAAP Update Service Discusses Convertible Instruments and Contracts in a Company’s Own Equity
- FASB Projects – New Edition of GAAP Update Service Discusses FASB Agenda Projects
- Diversity – SEC Commissioner Lee Discusses Diversity and Inclusion
- PCAOB Inspections – PCAOB Issues Staff Update and Preview of 2019 Inspection Observations
- Financial Market Regulation – SEC Commissioner Peirce Discusses Financial Market Regulation
- Checklist – New Edition of Summary Checklist of Recent Authoritative AICPA Professional Standards
- Audit Evidence – New Edition of GAAS Update Service Discusses AU-C Section 501
- Audit Evidence – New Edition of GAAS Update Service Discusses SAS 142
- PCAOB Inspections – PCAOB Issues Staff Update and Preview of 2019 Inspection Observations
- Digital Assets – AICPA Updates Digital Assets Practice Aid to Include Additional Questions & Answers
- Single Audits – GAQC Alert 416 Published
- Prior-Period Adjustments – New Edition of Governmental GAAP Update Service Discusses GASB Project on Prior-Period Adjustments, Accounting Changes, and Error Corrections
- GASB Technical Plan – New Edition of Governmental GAAP Update Service Discusses GASB Final Technical Plan for 2020
TOP 5 PAGES ON KNOWLEDGELEADER
These were the most popular items on KnowledgeLeader last week:
- Establishing a Process-Based Self-Assessment Process Questionnaire
- SWOT Analysis Questionnaire
- Travel and Expense Reporting Audit Work Program
- Entity-Level Controls Risk Assessment Questionnaire
- Spreadsheet Risk Optimization Questionnaire