Account Reconciliations: An Underutilized Internal Control?

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Account Reconciliations: An Underutilized Internal Control?

September 26, 2006 12:53 PM
From BusinessFinanceLink, Issue #350

Since the passage of Sarbanes-Oxley, performing account reconciliations before filing SEC reports has become much more important in helping companies avoid potential material misstatements. However, according to the September Journal of Accountancy, many companies are hamstrung when it comes to accelerating balance sheet account reconciliations -- either by management ineptitude, a vague understanding of the process, a lack of formal policies and procedures or insufficient training -- leaving the venerable procedure underappreciated as a "detective" internal control over financial reporting. In this article, author James Brady Vorhies explains how companies can adopt a continuous improvement process with the goal of reconciling all accounts before the post-closing adjustment review process.