Example Internal Audit Work Program / Risk and Control Matrix (RCM)
Maintaining appropriate controls over vendors, such as vendor creates and amends, is important to ensure there is no fraud, the business is meeting any local regulatory requirements in terms of paying small businesses and vendors are being paid within the specified timeframes.
We have developed a generic Internal Audit Work Program, or Risk and Control Matrix (RCM) aimed at helping audit teams ensure controls over vendor management 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.
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As always, this is a generic template. You should review this template in detail and edit accordingly so it is suitable for your business.