Business Process Effectiveness Review Report

This sample audit report reviews the effectiveness of the financial processes at an organization and identifies ways to improve efficiency.

The steps in this review include: understanding existing procedures, performing benchmarking on key performance indicators (KPIs) and best practices, and working with process owners to discuss challenges experienced in current processes.

The following processes were evaluated in this review: financial planning and forecasting, accounts payable, accounts receivable, credit and collections, inventory (cost accounting), procurement, and capital asset management. The auditors noted the does not currently utilize regular benchmarking to monitor the performance of the finance organization and goals are not formally established and monitored with respect to each discrete finance function. Due to this finding, the audit team recommends key benchmarks to monitor for areas evaluated in this review.