R2R Process Internal Controls Deep Dive

Establishing a transparent and compliant R2R process can be challenging, especially for large multinational organisations with intricate accounting workflows. It can require a significant amount of time and resources to meet the expectation of not just internal and external stakeholders but the regulatory bodies that manage financial compliance.

Without the capability to enforce specific internal or external controls, how will you know if they are even being followed? It can hurt your organisation’s efficiency if it takes more effort than it should verify compliance with corporate policies. This could also make it harder to prevent and detect material misstatements and fraud. Modern accounting requires the adoption of fast, accurate, and complete data management solutions, supporting the adoption and management of internal controls and enforcing their compliance.

This webinar will explain and demonstrate how Aico financial close software helps enterprises easily configure and enforce guidelines for internal controls. We will look at features such as:

• Validation rules – not just to support the standardisation of your processes, but to enforce the appropriate checks are completed ensuring accuracy is maintained at all times
• The 4/6 eyes principle – an often-discussed idea in the review of internal processes and workflows, but how can it be standardised and enforced with technology?
• Embedding internal controls into your entire R2R process – the ability to create internal control tasks and monitor the performance and completion of them over time, increasing audit compliance
• Enforceable workflows – ensuring tasks are completed in the correct order, at the right time
• Accessibility – user access is a key requirement in any system, but must be easy to maintain, yet flexible for your organisation