Do your audits feel timeless, as in they never end?
Are auditors looking to you to provide even more information, more invoices, more explanations, and more documentation for each financial close?
Satisfying auditor requests is a big burden. When they roll into town, here is what they want to know when it comes to the close and reconciliation process:
- Is the close process accurately and completely executed?
- At the transactional level, are the checks and balances working as intended?
- Are entries recorded correctly in the general ledger?
- Are application and system controls functioning?
- Is the accounting team maintaining adequate segregation of duties?
- Are there sufficient monitoring activities happening at a higher level to anticipate and detect material anomalies?
- Do accounts have owners, and do owners understand the nature of their accounts?
- Are key controls, such as balance sheet review and variance analyses being performed timely?
- Are there documented policies and procedures to guide staff through the process?
As a process owner, you need to show that you are in control of the financial close, and have commanding knowledge of the activities and tasks being carried out by your team. This means proving timely completion of important work each month, having easy access to reconciliations and documents, and producing enough information and a solid paper trail for auditors to gain comfort, and in some cases, re-perform your work.
Administrative? Certainly. Important? You betcha.
This is where ART comes in. ART helps manage the slew of activities that must be completed and approved during the close, in a way that’s conducive to the auditing process. For example:
- The closing checklist -- Completed tasks are electronically signed off, with underlying documents attached and easily retrieved.
- Key journal entries – The organization’s standard key journal entry list is automatically scheduled each month. Sign-offs are systematically tracked.
- Balance sheet reconciliations – Each account has a comprehensive audit trail for audit purposes.
- Certification – The auditor can review certification language and review sign-off activity anytime. Because everything is done online, your auditors will have easy access, within the framework you established, into sign-offs, checklists, and archived documents.
Think Big. Go Wild. Schedule a demo today to learn more.
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