Audit Best Practices: COSO Internal Control Framework & Importance of Analytical Procedures
The month-end close process involves recording, reconciling, reviewing all business transactions, and finalizing account data for the month. An efficient month-end close process is essential to producing accurate and timely financial statements that can be used for both analysis and decision-making. Edgar Thomas, Co-Founder and COO of Avise, joins this segment to provide additional background on the true purpose of month-end close, how to optimize the length of time required to close, as well as the process of navigating reclasses and adjustments. Edgar also discusses the role software, flux analysis, prioritization, and relationship building play in the close cycle.
Learning Objectives:
Upon successful completion of this segment, attendees should be able to:
- Identify the purpose and benefits of the month-end close process
- Recognize how double-entry accounting, timeliness, and accuracy creates for higher quality close process
- Identify the importance of month-end close tools or software, flux analysis, and the idea of a well-rounded accountant
- Recognize the steps to take in order to increase month-end close efficiency
Prerequisites/Advanced Preparation:
None
Details
Course Code
:
FMN1553-FM
Release Date
:
03/08/2024
|
Expire Date
:
10/13/2025
|
Credits
:
|
Length
:
1hr 40min
|
Course Level
:
Update
|
Course Type
:
QAS Self-Study
|
Passing Grade
:
70%
|
Format Type
:
eLearning
Mobile Compatible
|
Field Of Study
:
Accounting
|
|
Theme
:
COSO/Internal Control
|