Question

4. Outline the key requirements of your organizational policy and procedures relating to reconciling and monitoring financial accounts

Answer 1

The policies and procedures also known as internal controls play an important role in reconciling and monitoring financial accounts.

• While reconciling these procedures make sure that documentation is in place to verify that the transaction took place for the right and legit purpose. Documentation includes invoices,bills and so on.
• Internal controls, policies and procedures make sure that all financial transactions are recorded in the books of accounts on a timely basis. These procedures include close follow up with the employees entrusted with the responsibility to post transactions so as to reflect in the financial statements.
• The policies and procedures make sure that financial statements are reviewed on a regular basis and reports are made thereon.
• Any discrepancies found in the reports are acted upon so that if any fraud is taking place it can be stopped and company can be saved from incurring loss.