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Quality Assurance: A Necessary Ingredient for Internal Control Management’s ability to fulfill its financial reporting responsibilities often depends on the design and effectiveness of the processes and safeguards it has put in place over accounting. While no control system can absolutely assure that financial reports will never contain material errors or misstatements, companies must discuss… Read more »
In January 2018, the new revenue recognition standard (Update No. 2014-09; ASC 606) takes effect. The standard has broad implications and may affect many parts of your organization: financial statements, business processes, taxes, and internal controls over financial reporting. It requires the collaborative efforts of multiple departments within the company, including financial reporting, IT, sales,… Read more »