Revenue Recognition Topic 606

Revenue Recognition: Adopting the New Standard

Revenue is one of the most important measures used by investors in assessing a company’s performance and prospects. Presently, generally accepted accounting principles (GAAP) requires complex and disparate revenue recognition calculations within industries where revenue recognition is tied to contracts, including, for example, software and real estate. As a result, different industries use different accounting […]

IPO Readiness

IPO Readiness: A Corporate Governance Perspective

While 2016 was a comparatively slow year for initial public offerings, the expectation for 2017 is much more positive as economies grow stronger. As members in the Private Equity and Investment Banking community know, filing the appropriate paperwork with the SEC is just one step in long process. There are numerous Corporate Governance considerations for […]

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 […]

IIA Standard 1312 QAR

IIA Standard 1312: Independent Quality Assessment Review of Internal Audit (QAR)

The Institute of Internal Auditors’ International Standards for the Professional Practice of Internal Auditing (“Standards”) Section 1312 requires that an external assessment of the internal audit department be conducted at least once every five years by a qualified, independent assessor from outside the organization. This external assessment evaluates the internal audit department’s conformance with the […]

Customer Master Data

Internal Audit Checklist: Customer Master Data

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 […]

Sales Returns

Internal Audit Checklist: Sales Returns and Credit Notes

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 […]

Order Processing

Internal Audit Checklist: Order Processing

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 […]