Purchase Commissions

Internal Audit Checklist: Purchase Commissions

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 […]

Ordering Process

Internal Audit Checklist: Ordering Process

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 […]

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 […]

Spreadsheet Controls

Best Practices for Controlling Spreadsheets

As companies design and implement financial reporting and operating controls – they often overlook one of the more ubiquitous areas, spreadsheets. Spreadsheets offer an easy, readily available and simple solution to financial analysis and reporting. However this seeming simplicity often masks the risks to data integrity from design deficiencies and user errors and explains why […]

Revenue Recognition Alarm

Revenue Recognition Standards – Are You Ready?

One of the broadest changes to US (and international) accounting GAAP is upon us. The new Revenue Recognition requirements (FASB/ASC 606 & IFRS 15) take effect as soon as January 2018 for calendar year-end public companies, and January 2019 for all others (Non-Public/Not for Profit). Sound the alarm because this is a big deal.   […]

Policy Management

Policy Management

Senior management may have a vision and strategy for the organization, however without clearly communicating it to the personnel responsible for execution, it may never be successfully implemented. One of the key components needed to support a company’s strategy is to have a strong governance platform to set the ‘tone at the top’. A crucial […]