10 quick ideas to help auditors reboot tired old audit plans

10 quick ideas to help internal auditors

Are you and your annual audit plan stuck on endless repeat? Your boss—and your organisation—may be wondering: “what have you done for me lately?”

ACL have come up with these 10 easy ways to recharge your thinking and provide a fresh take on your annual plan for these critical process areas—and make your boss love you all the more:

  1. Accounts Payable: “I’m going to find more than just duplicate payments…and save us loads more money!”
  2. Accounts Receivable: “I’m not just going to find out who owes us money for greater than 60 days and collect, I’m also going to see if we have a larger cash flow concern.”
  3. Fixed Assets Management: “I’m not only going to find out quickly which assets exist in each location, but also understand if there are any other operational concerns with those trucks.”
  4. Cash Disbursements: “I’m going to identify and find suspicious disbursements to help my company manage fictitious vendors.”
  5. General Journal: “I’m not only going to identify duplicate posted entries, but also help to improve audit efficiency and reduce our external audit fees.”
  6. Human Resources: “I’m not only going to identify all changes to employee master files that happened on the weekend but also provide insight to the senior leadership team on the talent & retention risk currently of concern.”
  7. Purchase Order Management: “I’m not only going to find segregation of duties conflict between a PO creator and approver, but also find additional ways to save the department money.”
  8. Salaries & Payroll: “I’m not only going to identify payroll payments to inactive employees, but also help departments understand their overall burden.”
  9. Vendor Management: “I’m not only going to match vendors with the similar bank accounts to uncover potential fraud, but also help the AP department conduct business with more reputable vendors.”
  10. Stock & Inventory Management: “I’m not just going to identify inventory turnover trends, but also help our business value our inventory more accurately and effectively.”
Thursday, October 27, 2016 In: Uncategorized Comments (None)

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