Within the Revenue, Receivables and Receipts processes, the Cash Receipts is the final process, wherein all the hard work throughout the organization comes to fruition – the organization collects cash for goods and services that is has provided. Read more »

Similar to the Revenue recognition process, for most companies the $ value of their Accounts Receivable represents one of the largest assets on their Balance Sheets, and accordingly, these amounts are usually very significant / material. Therefore, the SOX Business Process should be carefully reviewed and tested to ensure that no internal control gaps exist that could result in financial reporting misstatements. Read more »

C-SOX:  RRR Test procedures

Revenue recognition has been the area where the majority of accounting misreporting and restatements have occurred. Read more »

The Canadian Securities Administrators, in their proposed M  52-109 amendments, will require that companies adopt a structured internal control framework such as COSO. Read more »

I have received numerous questions regarding test Entity Level Control testing procedures. I hope this blog is helpful to everyone.

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Corporate Governance Policies are a component of Entity Level Controls (ELC’s). Corporate governance includes several basic policies that provide assurances to investors, employees and other stakeholders that the business is being managed with sufficient oversight.

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