（2005）Controls Assurance for the General Ledger.pdfVIP

CONTROLS ASSURANCE for the GENERAL LEDGER SUPPORT REGULATORY COMPLIANCE. GAIN EFFICIENCIES. ENHANCE CONTROLS ASSURANCE. G THE GENERAL LEDGER: N MAXIMIZE CONTROLS EFFECTIVENESS; ENHANCE CONFIDENCE IN I FINANCIAL REPORTING R O The General Ledger (GL) is at the core of a company’s financial records. Because every financial event flows through T the GL, the effective management of GL controls is a critical component in an efficient financial close cycle, accurate I financial reporting, and sustained regulatory compliance. N With GL entries that are not subject to effective controls, a financial close cycle can be a lengthy and complex activity. O GL entries may originate from numerous sources and diverse applications, including ERPs, off-the-shelf accounting M applications, and manual entries. Gaining an effective overview and insight into the integrity of those entries can be difficult. It often involves many hours of manually reconciling journal entries, follow-up on real and potential S discrepancies, and the risk of late or inaccurate financial statements. L In addition, regulatory compliance and business best practices require assurance that existing financial systems and O processes have adequate controls to prevent inaccuracies, fraud, and financial misstatements. Failure to comply in any R of these areas can subject an organization to fines, financial lo