CHAPTER 7: ACCOUNTING, RECORDS, AND ASSOCIATED REGULATIONS
Sometimes, the road to achieving compliance can be quite complicated, and for this reason, many companies engage experts to guide them through the process, assist in negotiation, provide research and reconciliation assistance, and assist with devising negotiation and audit defense strategies.
7.11 Conclusion
Following accounting standards and regulations is not an option—it is a requirement. Failure to comply can be extremely costly. Many countries implement not only fines and penalties but also jail time for executives. There is an obligation for everyone involved in managing and handling cash in an organization to prevent fraud. Auditing financial transactions is an after-the-fact process that has its purpose, but installing a notification hotline has proven to be the best tool for discovery and prevention. No one wants to believe fraud could happen in their organization, in part because we need to trust each other. The key is to trust – but also verify and validate.
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THE ACCOUNTS RECEIVABLE SPECIALIST CERTIFICATION PROGRAM E-TEXTBOOK
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