Financial Statement Accuracy
- Identify the key steps in the closing process that provide the most opportunity to make mistakes in processing account transactions. Make at least two (2) recommendations for improving the accuracy and reliability of the information in the gaps that you have identified. Justify your response.
- *From the e-Activity, identify at least three (3) benefits afforded to the users of the financial statements and the company of accelerating the closing process. Provide a rationale to support your response.
During the closing process, a major process is the reconciliation of financial statements to make sure that nothing has been left out. When reconciliation is done wrongly or not done at all, the accountant is bound to make mistakes because of the obvious missing items. Take for instance a case where a supplier sends an invoice thorough email and is send to the junk emails. The email is thus not received or viewed and since there are many..