Is bank reconciliation prepared by an account executive considered a control in the financial preparation process?
The answer to this question is very ambiguous. As there are risk that Account Executive set aside one balancing figure, in order to tally the total reconciling items. Hence, preparation of bank reconcilition itself does not form part of the control. However, if there are a superior review the bank reconciliation prepared, the above-mentioned risks can be mitigated.
Hence, reviewing bank reconciliation is considered a control.
Saturday, October 18, 2008
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