Financial Close Solutions: Account Certification & Attestation
Overview: Account Certification/Attestation is the process by which reported account balances are confirmed, by substantiating the balance and including any applicable outstanding reconciling items, attachments and notes necessary to prove accuracy and adherence to certification policy. The system distributes responsibility for preparation and approval amongst the financial operations team in a standardized, automated workflow
Purpose: The purpose of certifying account balances is to ensure that the individuals who are responsible for the correctness of the accounting statements report and attest to the accuracy of the balances. Users certify accounts in a hierarchical workflow of preparation, review and/or approval of account balances while capturing reconciling items, notes, and attachments in adherence to the corporate certification policy.
Compliance: Following the passage of the Sarbanes-Oxley Act in the United States, publicly traded companies are required to reconcile their balance sheets. Both the company and individuals involved in that process are liable for any incomplete or incorrect information. The legislation prompted companies to introduce and improve on internal controls to ensure all financial reports are accurate with documented accountability. With similar regulations becoming the norm in other countries (e.g. C-SOX as well as private groups such as COSO issuing their own guidelines), such requirements are becoming mainstream practices across the globe.
Solution Tools for Closing: Integration – Our capability to intuitively move data into or out of ReconArt – including mapping, transformation, enrichment and delivery.
Solution Tools for Closing: Task Templates – Our framework capability to issue certification tasks, certification checklists and ad-hoc tasks to support the Close process.
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