201403 research development

8/11/2019 201403 Research Development

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Client Name Date Completed:u ues onna re: esearc an eve opmen Completed By:

us ness unc on: anu ac ur ng Reviewed By:

ec ve:

Serial # Control Activities Yes No* Comments /Description mp oyee espons e or as

1.1

Management has defined and authorized strategic business

objectives, and processes are in place to ensure that all product

developments and research activities comply with these targets.

1.2

Management has established, authorized and implemented

documented procedures for the development and evolution of all

product ranges.

1.3

Established processes govern the direction of research activitiesin order to ensure that attention is focused upon those projects

with the greatest potential benefit and implications for the

organization.

1.4

Established mechanisms prevent the investigation or

development of a product outside the defined and authorized

strategic parameters of the business.

Complete this checklist and apply audit procedures prescribed in relevant audit program for the question client answered "YES", evaluate the internal

controls and report the observations along with recommendations (if any.), for the Questions answered "NO" report as ineffective based on relevance of the

internal control activity and regulations (e.g. SOX), etc.

1) The R&D program is structured to exploit those areas with the greatest potential for the organization.

2) R&D program objectives are valid and clearly defined.

6) Market launch of new or modified products is adequately planned, executed and monitored.

5) R&D research projects are evaluated adequately.

3) R&D research projects resources are accounted accurately and product specification processes are adequate.

4) R&D research projects are comprehensive and create a positive image of the company.




3.1

Management has established procedures to ensure that the

design assessment, feasibility, and specification processes areadequate and satisfactorily address quality, performance, and

regulatory standards.

3.2

Management takes steps to retain the skills and knowledge of key

specialist staff, and prevent others benefiting from the individual's

expertise.

3.3

Management ensures that research projects, product details,

development plans and business development strategies remain

confidential.

3.4

appropra e ec noog es, processes an ec n ques

developed by the organization are adequately protected (at the

most a ro riate time from ex loitation b others.

3.5

Key staff involved in product development are subject to either

fidelity bonding or commercial confidentiality clauses in their

employment contracts.

3.6

If relevant expertise or specialist knowledge exists outside the

organization, management ensures that the engagement of such

external specialists is justified, authorized, accurately costed, and

that progress is monitored.

3.7

Management has established procedures to ensure that external

consultants will not exploit or pass on details of the research they

are conducting on the organization's behalf.

3.8

Measures are taken to adequately protect research activities,

intellectual property, specifications, and all research plans and

data from either exploitation by others or unauthorized exposure.

3.9Management evaluates that research activities do not violate

existing patents and copyrights.

3.1

Management reviews products that are subject to testing under

recognized trade, national or international quality/standards

schemes.

3.11

Measures are in place to ensure that new or modified products

are subject to extensive, adequate and appropriate testing

(including any sector specific, legally required, or specialist

product testing requirements).

4.1

Measures are in place to evaluate that clear (and authorized)

objectives and targets are established for each project (and their

achievement monitored and confirmed).




4.2

All product developments are subject to adequate projectmanagement in order to cater for the following aspects:

- adequate coordination of all affected functions to ensure

achievement of development objectives;

- definition of key stages of the project and the ongoing

monitoring of actual progress against target;

- authorization and control of all project resources and costs.

4.3

Measures are in place to evaluate that crucial costs and selling

price targets are identified and monitored for achievement

throughout the project.

4.4 Management reviews that all R&D costs are identified, accountedfor, and reflected in the corporate accounts.

4.5

Established mechanisms are in place to for the correct

accounting treatment of R&D costs and the recovery of related

taxation benefits whenever applicable.

4.6

Adequate arrangements are made to provide management with

regular, accurate and relevant project information (i.e. progress,

costs versus budgets, failures to achieve deadlines, technical

problems, etc.).

4.7

Management has established processes to ensure that problems,

shortcomings, cost overruns, etc. are be promptly detected and

reported.

5.1

Established procedures are in place to review product

specifications prior to commercial launch which (when applicable)

are subject to the appropriate licensing by government or trade

regulators.

5.2

Upon launch of the product, management evaluates that

adequate plans are in place to address such matters as:

- adequacy of stocks;

- provision of staff training;

- launch timing to maximize the market impact;- coordination of all affected functions, etc.




To the best of my knowledge, the answers

and comments noted above are accurate and

reflect the current internal controls within

this de artment:

Name and Title of Person Completing Form (please print)

Signature of Person Completing Form

10/3/2014

Date Form Completed

Name and Title of Department Director (please print)

Signature of Department Director

Date of Department Director's Signature

201403 research development

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