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Account reconciliations are considered a critical key control for ensuring financial statement accuracy. However, they can only succeed if they are meeting their purpose: Assessing the validity, correctness or appropriateness of an account balance at a specific point in time, documented by relevant calculations, clear and complete explanations and copies of supporting documents. The following focuses on the inherent risks and issues with manually preparing account reconciliations, the benefits a company can expect from automating this process and a best-practices approach to implementation to ensure optimization and a significant return on investment.
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