By Philip Boken, Protiviti
Despite years of increased focus on internal control over financial reporting, many companies continue to face significant risks associated with the completeness, accuracy, timeliness, quality and efficiency of their account reconciliations. Striving to enhance their comfort with financial statement certifications, executives are grappling with how to obtain greater visibility into the status of this process. They are realizing that reliance on spreadsheets burdens the company with continued dependence on a manual process that is prone to error and requires significant, continued dedication of staff.