Download Accounting Control Best Practices (Wiley Best Practices) by Steven M. Bragg PDF

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By Steven M. Bragg

The single practices worthy following are the simplest practices "Accounting keep watch over top Practices is succinctly defined in a single word-thorough. enterprises from production to hospitals can use this-easily understood through everybody from the information access clerk in accounting to the CFO." -Melody Troesser Accountant Cole County Residential companies, Inc. "There isn't any authority on accounting or accounting regulate top practices like Steven Bragg. This man does the demanding stuff-he sees the large photograph completely but may also get down within the trenches and dig into tricky and intricate components. His writing is obvious and his factors are easy and sensible." -Jack W. Boyer, CPA, MCP Boyer & affiliates "Accountants, analysts, and procedure designers will locate this an outstanding device. genuine examples outline and exhibit powerful keep watch over issues, whereas protecting practicality and potency in brain. a very good addition to my library." -Clint Davies central Berry, Dunn, McNeil & Parker "A cornucopia of keep an eye on rules geared up through approach and defined simply to make sure quickly implementation." -Richard B. Lanza, CPA/CITP, CFE, PMP President money restoration companions, LLC Destined to turn into a vital laptop software in supporting pros tailor a controls procedure to the desires in their corporation, Accounting keep an eye on most sensible Practices introduces the entire significant accounting and operational procedures with 1000s of controls provided in uncomplicated, intermediate, and complex layers-from a easy paper-based process, to automatic platforms, to the complex top perform improvements in automatic platforms.

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The next controls address these additional issues. • Restrict purchasing levels. A major control over the use of procurement cards is the restriction of amounts that can be purchased. This may be a maximum amount of daily purchases, a limitation on the total purchased over a month, or restriction to purchases only from suppliers having certain Standard Industry Classification (SIC) codes. This approach is extremely useful for ensuring that card holders do not run amuck with their card purchases, while also ensuring that losses are restricted if cards are stolen and used by a third party to make purchases.

20, with additional supporting controls noted later in this section. The controls shown in the flowchart are described in the bullet points that follow, in sequence from the top of the flowchart to the bottom. • Restrict access to master vendor file. For those electronic payments being made automatically by the accounting software, it is important to keep tight control over changes to the vendor master file, since someone could access the file and alter the bank account information to which payments are being sent.

The highest level of control over electronic payments would be to require dual approvals for all such payments, though this may prove too onerous for ongoing business operations. • Require an end-of-day payments review. A standard detection control should be to have a third party who is unrelated to the electronic payments process review all payments made at the end of each day. This review should encompass a comparison of authorizing documents to the actual amounts paid, as well as verification that payments are made to the correct supplier accounts.

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