supplier selection

Internal Audit Checklist: Supplier Selection

In general, the objective of an internal audit is to assess the risk of material misstatement in financial reporting. Material misstatements can arise from inadequacies in internal controls and from inaccurate management assertions. As such, testing the validity of various implicit managerial assertions is a key objective of an internal auditor. While this applies to […]

Performance Management

Internal Audit Checklist: Performance Management

In general, the objective of an internal audit is to assess the risk of material misstatement in financial reporting. Material misstatements can arise from inadequacies in internal controls and from inaccurate management assertions. As such, testing the validity of various implicit managerial assertions is a key objective of an internal auditor. While this applies to […]

Corporate Purchasing

Internal Audit Checklist: Purchasing Organization

In general, the objective of an internal audit is to assess the risk of material misstatement in financial reporting. Material misstatements can arise from inadequacies in internal controls and from inaccurate management assertions. As such, testing the validity of various implicit managerial assertions is a key objective of an internal auditor. While this applies to […]

Internal Audit of Credit Management

Internal Audit Checklist: Credit Management

In general, the objective of an internal audit is to assess the risk of material misstatement in financial reporting. Material misstatements can arise from inadequacies in internal controls and from inaccurate management assertions. As such, testing the validity of various implicit managerial assertions is a key objective of an internal auditor. While this applies to […]

Invoice Processing

Internal Audit Checklist: Invoicing

In general, the objective of an internal audit is to assess the risk of material misstatement in financial reporting. Material misstatements can arise from inadequacies in internal controls and from inaccurate management assertions. As such, testing the validity of various implicit managerial assertions is a key objective of an internal auditor. While this applies to […]

Pricing Discount Risk

Internal Audit Checklist: Client Acceptance and Sales Agreements

In general, the objective of an internal audit is to assess the risk of material misstatement in financial reporting. Material misstatements can arise from inadequacies in internal controls and from inaccurate management assertions. As such, testing the validity of various implicit managerial assertions is a key objective of an internal auditor. While this applies to […]

Sales Planning Audit

Internal Audit Checklist: Sales Planning and Target Setting

In general, the objective of an internal audit is to assess the risk of material misstatement in financial reporting. Material misstatements can arise from inadequacies in internal controls and from inaccurate management assertions. As such, testing the validity of various implicit managerial assertions is a key objective of an internal auditor. While this applies to […]

Comprehensive Intellectual Property Audit

Conducting a Comprehensive Intellectual Property Audit

In our previous posts, we outlined the differences between the three main types of audits (royalty audit, profit participation audit, and contract audit), examined their uses and benefits, and looked at the consequences of not performing sufficient audits. Now it’s time to discuss the elements of an expert Intellectual Property audit. First, you’ll want to […]

The Risks of Not Performing an Intellectual Property Audit

In our last post, we outlined the differences between the three main types of audits (royalty, profit participation, and contract) and examined their uses and benefits. Now we turn to the consequences of not performing sufficient audits. Essentially, audits uncover any inefficient or outdated business processes so they can be adjusted to boost revenue associated […]

Are You Leaving Intellectual Property Dollars on the Table?

Manufacturers work hard to track every piece of finished product; service companies are meticulous about knowing their human capital. But many companies with tight inventories in other areas fail to carefully manage their intellectual property—and that can be a costly error. There are two potential problems with a leaky intellectual property (“IP”) program. First, you […]