Our Financial Controls Review Audit Report provides a comprehensive evaluation of the control environment within a specified facility, detailing improvements since the last audit and identifying areas needing further enhancement. This tool includes insights into the effectiveness of implemented controls, particularly regarding the close-the-books process, account reconciliations and inventory management practices. It also outlines specific observations, such as the need for improved documentation protocols in accounts payable and the current inadequacy of the inventory cycle count procedure. Within this tool, you will find risks associated with manual processes that could lead to errors in financial reporting and operational inefficiencies.

Detailed recommendations are provided for each identified issue, along with management's action plans to address them. Furthermore, the report incorporates a global best practices inventory management diagnostic and a compliance scorecard, allowing the ability to benchmark the facility's practices against industry standards. Overall, organizations will find this report instrumental in assessing the financial controls in place, guiding future audits and ensuring compliance with corporate policies, ultimately contributing to enhanced financial integrity and operational efficiency.

Risks covered in this document include:

• Invoices may be paid for materials not received.
• Materials received may not be completely accrued for upon receipt.
• The same invoice may inadvertently be paid twice.
• Inventory quantities may not be accurately counted.