Establish a robust close, consolidate and file technique.

 Establish a robust close, consolidate and file technique. Are controls over routine transactions embedded on your accounting system (for example, transactions do not proceed to the subsequent phase once they exceed credit limits till a overview is made)? Are policies over safeguarding of employer property–either bodily, records or people property–adhered to and enforced, or are there methods to capture the opportunity of misappropriation of those property? Are transactions well documented for the preparation of accurate economic statements and associated disclosures? Are controls over the economic declaration close technique in place? How lengthy does it take the agency to close its books? Are there appropriate approval techniques in place?
 Evaluate the space in judgments used. The procedure of preparing economic statements requires that we adopt controls to make sure that they may be loose from cloth misstatements – whether or not because of fraud or mistakes, controls at the application and use of estimates and judgments – and that they are hired in choosing accounting rules. As greater judgment is exercised towards the instruction of monetary statements and related disclosures, are there controls in region over non–routine estimation methods? Is the proper fraud threat assessment manner in location?