Consolidating financial statements worksheet
The use of “ungoverned” spreadsheets in daily work is ingrained so deeply that many accounting and finance professionals don’t recognize it as a serious problem.Even with the better than ever built-in audit tools, it is ultimately the end-users who must establish an effective control environment that can be practically maintained and audited.
He works with Centage Corporation to evangelize driver-based budgeting and forecasting solutions.
While these individuals have the necessary skills to design and implement them, they almost never think of reviewing them for accuracy or completeness of formulas, functions, links and any programming code.
Of the handful of spreadsheets that are looked at in more detail, they are usually reviewed by their own authors and are almost never subject to a peer review, or by someone completely independent.
However, because the subsidiaries are considered to form one economic entity, investors, regulators, and customers find consolidated financial statements more beneficial to gauge the overall position of the entity.
The consolidated financial statements only report income and expense activity from outside of the economic entity.
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Once internal control over the process is established within the database, it is much simpler to monitor and audit than with spreadsheets.