Internal Audit Risk Control Matrixv0.1.1

An internal auditor reviews the order-to-cash process for a mid-size manufacturing company under SOX 404. The objective is to assess the design and operating effectiveness of controls over revenue recognition, including order approval, credit checks, shipping, invoicing, and cash application.

An audit manager evaluates the procure-to-pay cycle for a healthcare entity subject to HIPAA. The scope covers purchase requisitions, vendor master maintenance, purchase orders, goods receipt, invoice processing, and payment execution, with emphasis on data privacy and segregation of duties.

A co-sourced IT audit team tests ITGCs for a financial services firm using COBIT 2019. Domains include access management, change management, computer operations, and program development, focusing on a core banking system and its supporting infrastructure.

An audit senior examines the payroll process for a multinational retail corporation. The audit objective is to validate completeness and accuracy of payroll disbursements, including employee master data changes, time tracking, payroll calculation, and tax withholding, in compliance with local labor laws.

An internal auditor conducts a physical verification of fixed assets for a real estate company. The engagement covers existence, valuation, and completeness of assets such as buildings, machinery, and vehicles, reconciling to the general ledger and reviewing capitalization policies.

Offers recurring revenue, requires controls over billing, revenue recognition (ASC 606), and user access management in a cloud environment. Suitable for COSO 2013 application with emphasis on IT controls and automated revenue assurance.

Facilitates third-party seller transactions, requiring robust controls over payment processing, fraud detection, and regulatory compliance (e.g., GDPR, PCI-DSS). Scope includes order initiation, authorization, custody of funds, and reconciliation.

Bills clients based on time and materials or fixed-fee engagements. Key controls revolve around time entry, expense reimbursement, project budgeting, and revenue recognition. Emphasizes manual controls and segregation of duties.