What is the role of organisational policy and procedures in relation to reconciling and monitoring financial...

What is the role of organisational policy and procedures in relation to reconciling and monitoring financial accounts?

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Expert Solution

The arrangements and strategies otherwise called internal controls assume a vital part in reconciling and observing financial records.

• While reconciling these systems ensures that documentation is set up to check that the exchange occurred for the privilege and genuine reason. Documentation incorporates solicitations, bills et cetera.

• Internal controls, strategies and methods ensure that every financial exchange are recorded in the books of records on an opportune premise. These systems incorporate close catch up with the representatives depended with the duty to present exchanges so as on reflect in the financial statements.

• The strategies and systems ensure that financial statements are inspected all the time and reports are made consequently.

• Any inconsistencies found in the reports are followed up on so that if any extortion is occurring it can be ceased and organization can be spared from causing misfortune.

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ekkarill92 answered 1 year ago

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