Business Category: Tighten Accounting Controls


Creating an Accounting Manual

Creating Accounting Policies and Procedures Manual

Use sample accounting policies and procedures accounting manuals, to see an example of What should be in your accounting manual. First, consider Why do you need an accounting manual? Whether you are looking to purchase a pre-written accounting manual or create your own accounting internal controls procedures from scratch, these are two important questions to answer. Continue reading…

Implementing Financial Controls

Implementing Financial Controls

You may be familiar with the COSO (Committee of Sponsoring Organizations of the Treadway Commission) framework for internal control. COSO has received significant attention when referenced by the Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) as an example of an “internal control” system as required by Sarbanes-Oxley Act (SOX) sections 302 and 404. Continue reading…

Top Financial Accounting Internal Controls

Top Ten Financial Accounting Internal Controls

The CFO Financial Accounting Series provides a risk reducing framework of financial internal controls for the ten core accounting cycles — these cycles make up the accounting body of knowledge.  Each financial cycle focuses on a key element of business accounting and, therefore, should be covered in your company’s financial accounting policies and procedures manual. Continue reading…

Writing an Accounting Policy and Procedure Manual

Why are you Writing an Accounting Policy & Procedure Manual?

Every company should document its accounting procedure process.  A well-designed and properly maintained system of accounting policies and procedures documentation enhances your accountability and consistency, while at the same time producing long-term savings from reduced duplication, rework, training, and increased focus, consistency, and productivity. Writing accounting policies and procedures is an important task. Consider a template from Bizmanualz to help save you time. Continue reading…

Static Versus Dynamic Control

Can you really have compliance without control? You can check the box that a business procedures exists but a procedure requirement is not about existence it is about deployment and usage. When we are speaking of control, there are really two different control conditions: static versus dynamic. What does static versus dynamic mean in terms of policy control and procedure systems? Continue reading…

Do You Know What Types of Processes Exhibit Control?

What is the purpose of a procedure? To decrease variability? To ensure product and process consistency? Well, as you decrease process variability, you increase process control. Management needs control: management control, process control, internal controls, and controlled outputs. Policies and procedures help provide controls that management wants and that regulators or auditors demand. Control is also a crucial element of corporate governance. Do you know the three types of processes that exhibit control? Continue reading…