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Accounting Control best practices

This book addresses one of the primary concerns in accounting today—how to develop a comprehensive system of accounting and operational controls.
This concern has been exacerbated by the provisions of the Sarbanes-Oxley Act, which requires public companies to report an assessment of their internal control structures and which has led to comprehensive control examinations by all types of companies.

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Description

Accounting Control Best Practices describes a complete set of controls for both a paper-based accounting process and a computerized system and then describes controls for more advanced best practices that are layered onto the basic computerized system. By reviewing the more than 400 controls for the various systems presented here, the accountant or systems analyst can devise a set of controls that is precisely tailored to the needs of his or her system.

Accounting Control Best Practices encompasses all of the major accounting and operational processes, including:
Billing – Manufacturing resources planning – Cash receipts – Order entry – Credit management – Payroll – Evaluated receipts – Perpetual inventory record-keeping – Fixed assets transactions – Petty cash – Inventory transactions and valuation – Procurement cards – Investments – Purchasing – Just-in-time manufacturing – Shipping.

In addition, each chapter includes control flowcharts for all major processes, as well as a comprehensive set of corporate policies designed to support the system of controls. Further, to ensure that only enough controls are applied so that process efficiency is not reduced excessively, the controls are divided into primary and ancillary ones.