Example Internal Audit Work Program / Risk and Control Matrix (RCM)
Maintaining appropriate controls over the revenue and billing process, such as ensuring only valid invoices are raised, and checks against credit notes are performed, is important to ensure there is no fraud, the business is meeting any local regulatory requirements and the business is making best use of its available cash flow.
We have developed a generic Internal Audit Work Program, or Risk and Control Matrix (RCM) aimed at helping audit teams ensure controls over the revenue and billing process have been designed and implemented correctly, and are also operating effectively.
The testing work program is built within our example 'Excel' audit file. The test plan has also been mapped to an example audit scope and objectives, and includes example risks and controls. See below for an extract from the example work program file.