Record to Report Professional - General Ledger - BPO

Roles and responsibilities in the financial closing and reporting process, including a required understanding of the entity's operations and appropriate accounting knowledge, are clearly defined, documented, updated, and communicated to appropriate departments and individuals on a timely basis

When alternative accounting treatments are available for a significant event or transaction, the decisions on which treatments to select are documented, approved by management, and communicated to the audit committee.

Ensure that the General policies are established and documented regarding permissible overrides of existing policies and procedures for the financial closing and reporting process.

Individual overrides, whether or not addressed by existing policies, are properly authorized and documented.

Each sub ledger is regularly reconciled to the general ledger, and exceptions identified are resolved and recorded in the general ledger in the appropriate accounting period.

Reconciliations for all significant accounts are performed properly, prepared on a timely basis, and independently reviewed. Issues identified are resolved and recorded in the general ledger on a timely basis.

All required analyses are prepared accurately and consistently in accordance with the entity's defined closing process and in the appropriate accounting period. Necessary adjustments and all related journal entries are identified and documented during the period-end accounting close process.

All related-party events and transactions are identified and authorized, appropriately accounted for, and disclosed in the appropriate accounting period.

Journal entries are independently reviewed, validated, authorized, and properly recorded in the appropriate accounting period.

All intercompany transactions and balances are identified, reconciled, and appropriately eliminated in consolidation in the appropriate accounting period.

The trial balance(s) used to prepare the financial statements are generated from the final general ledger(s).

All trial-balance accounts are appropriately and consistently grouped for presentation in the financial statements for all accounting periods presented.

Only valid entries are recorded directly to the financial statements. Such entries are independently reviewed and approved. Opening balances for subsequent accounting periods properly include such entries made in the prior accounting period.

Disclosure checklists and instructions (or other suitable mechanisms) are used in preparing and reviewing all draft financial-statement disclosures for completeness and consistency.

All required financial-statement disclosure reporting packages and analyses are prepared, independently reviewed, and received by the financial reporting department.