What is Record-to-report process?
In short
The record-to-report process covers closing the books and producing financial statements: recording journal entries, reconciling accounts, consolidating entities and preparing reports.
Key takeaways
- Key controls include a close checklist, review of manual journal entries and timely account reconciliations.
- Automation can match transactions and flag unreconciled items.
- Weak period-end controls are a common source of material weaknesses.
Where it's tested
ISC: Business Processes & Automation — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
Which segregation of duties weakness most directly enables a fictitious vendor fraud?