This sample audit report focuses on improving an organization's close-the-books and financial reporting processes.
Improvement opportunities include reducing the time it takes to accomplish the monthly close, simplifying closing and financial reporting tasks and reducing the manual efforts required, and rebalancing the workload associated with the close process thereby reducing the overtime commitment among the company’s financial managers and staff during the close period. The following recommendations were noted during the review:
- Complete the close and consolidate process following the period cutoff.
- Reduce the total close process effort by a significant number of hours.
- Improve organization accountability by adopting a process-centric structure.