![]() ![]() In addition to evaluating the overall accounting system, assessments are made of the coordination of effort involved in processing transactions. Efficiency of systems, procedures, and processes: Systems that are efficient keep costs down and improve accuracy and timeliness.This assessment evaluates how quickly transactions are processed, accounts reconciled and reports produced, and measured against data from like-size companies. Timeliness of processing transactions and reporting:Since accounting data is historical in nature, the speed at which it becomes usable information is critical. ![]() A quick barometer of the department’s accuracy is the volume of audit adjustments required each year, or the extent of year-end closing entries versus those made during monthly closes throughout the year. Other assessment areas include cutoff procedures, valuation of assets and liabilities, and the consistency of recording transactions.
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