Right now, most 12-31 year-end filers are taking a welcome break from worrying about Ks and Qs. But be careful not to put audit-related matters too far on the back burner. Instead, take a few proactive steps to make your financial reporting efforts stronger, more cost-effective, and more efficient for the coming quarters.
Here are 6 actions you should be taking right now in the area of internal controls:
- Decide if it’s time to re-engineer processes or conduct a rationalization effort.
- Establish a testing framework and schedule – and start testing by July 1.
- Update your control documentation.
- Upgrade your financial systems now.
- Conduct a Risk Assessment.
- Start talking to your auditors about concerns or anticipated changes to your business.
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