Is there any risk to consolidating financial statements sex dating in chase maryland

It seems that ever since there was a spreadsheet people have been relinquishing many tasks and responsibilities to it and for apparently good reasons.It was easy to set up and perform all but the most complex functions and it was available everywhere.While packing an impressive collection of features suitable to anything from making simple lists and flat file databases, to adding up columns of numbers, to more complex analysis tasks using functions and VB programming and incorporating its incredible graphing and display capabilities, it also inherently presents risks which become increasingly greater as the complexity of the model increases.It is commonplace in business today that most of these spreadsheets (workbooks in Excel, containing from several to many individual worksheets, or tabs, often linked to other Excel files across entire computer networks) are authored by individuals, who while having the necessary skills to design and implement them, almost never think of reviewing them for accuracy and completeness of formulas, functions, links and any programming code.Financial Institutions: The users of financial statements are also the different financial institutions like banks and other lending institutions who decide whether to help the company with working capital or to issue debt security to it.Know More About Financial Institutions : Click Here Government: The financial statements of different companies are also used by the government to analyze whether the tax paid by them is accurate and is in line with their financial strength.Sometimes it becomes difficult to decide the right field in which financial resources may be channelized.

When testing the design and effectiveness of an internal control performed in a spreadsheet, and especially consolidations of financial statements, unless there is clear evidence that the spreadsheet (or any end-user computing activity) is periodically reviewed for accuracy and completeness of its design and use, and is under change management control, you can’t help but conclude that there may be a material weakness in this process, one that must be disclosed by publically held companies in their annual reports.Many of the small and medium size company ERP software applications offer consolidations within the application database without exporting data to a consolidation spreadsheet.Once internal control over the process is established within the database, it is much simpler to monitor and audit than with spreadsheets.In an article by Tony Kontzer in Tech Target, titled “Even with spreadsheet management, using Excel for finance isn’t wise”, and quoting additional authors and researchers, the author makes a point of the typical “ungoverned” use of spreadsheets (Excel) and how ingrained it is in the daily work of accounting and finance professionals.Even with the new MS Excel 2013 with it’s better than ever built-in audit tools, it is ultimately the end-users who must establish an effective control environment that can be practically maintained and audited.

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