Accounts payable is one of the areas that is likely to involve errors or misappropriation of assets. Internal controls will help to mitigate such risks. The three-way match is a well-known control related to accounts payable.

Fixed assets may represent a significant area in many organizations. This article provides a list of fixed best practices.

Inventory represents another important area in a lot of organizations. This article provides a list of inventory best practices.

Accounts receivable represent another important area in the accounting realm of any organization. This article provides a list of accounts receivable best practices.

Accounts payable represent an important area in the accounting realm of any organization. This article provides a list of accounts payable best practices.

Most companies have some internal controls over financial reporting in place. However, few companies may realize that such controls are not only a compliance requirement (i.e., for public companies), but also that such controls impact the operational performance. In this article we will discuss how material weaknesses in inventory-related internal controls can impact operational performance.

In its regular course of business, a company needs to verify its balances and turnovers with banks, suppliers or other counterparties. The confirmation process is one of the ways to obtain such information. The article below focuses attention on the confirmation process peculiarities and contrasts accounting and audit confirmation procedures.

Efficient and ethical corporate governance and internal audit function became increasingly important for investors after Enron scandal in 2001. This article focuses on the nature of internal audit, shows differences with external audit and provides overview of main audit assignments.

Normal business relationships among a parent and subsidiaries cause intercompany transactions that need to be recognized in the separate financial statements of these entities. When the time comes for periodic reporting, the parties engage in reconciling their accounts. In this article we will review the reasons why intercompany reconciliations are needed and look at reconciliation procedures.

In this article, we’ll cover the basics of internal controls. Internal controls represent a concept that is absolutely fundamental to any well-managed business. They are also one of the foundations of financial statement audits.