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Thursday, 27 December 2012

Month-End Closing Process

Introduction Month-end ending in first rudiment company is performed to finalize a snap shot of transactional activities for the previous month. It is an important activity that provides the can for financial and heed reporting of the company. It is performed for the last time for a particular month to ensure that both transactions be posted and reflected on reports. The month is officially closed when all of the month end litigatees are complete (including posting.) The month beingness closed remains open for seven additional trading days in the new month in rescript to process all prior month transactions. There is some 20 staff involved in this process in finance department, and the system used is Oracle. The objective of this business process is to produce financial statements reports of the previous month accurately and incidentally to the headquarters. Maintaining adequate financial, operational, and compliance controls in the month-end closing process ordain increase financial reporting accuracy, improve effectiveness, and allow ABC company to better service the needs of its stakeholders. Audit Objectives and Scope The palingenesis focused on the effectiveness and adequacy of the controls surrounding the month-end closing process.
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Specifically, I reviewed processes and procedures related to reporting of fixed assets, accounts receivable, accounts payable, payroll, tax and normal ledger. The objectives of this review are as follows: Understand the processes and procedures surrounding the management of closing process; rate key risks inherent deep down the processes and procedures that may hinder the successful attainment of the function objectives; Identify the key controls that mitigate the financial/operational risks and/or roll the control deficiencies; Provide assessments on key control functionality; canvas the efficiency, completeness, accuracy, and timeliness of the business process; Understand and review areas of strength fraud. Nature... If you want to get a full essay, order it on our website: Ordercustompaper.com

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