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Enhancing Control and Reducing Complexity in Financial Reporting: A Conceptual Framework

This framework outlines a risk-based approach to improve controls and reduce complexity in financial reporting. By focusing on key areas like financial statements, transaction controls, and embedded IT controls, organizations can streamline their processes and enhance their oversight. It emphasizes the importance of prioritizing interventions in the reporting hierarchy to achieve better results. The goal is to establish effective controls throughout the reporting environment, thereby ensuring accuracy, reliability, and efficiency in financial performance evaluation.

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Enhancing Control and Reducing Complexity in Financial Reporting: A Conceptual Framework

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  1. Conceptual Control Framework To improve control and reduce complexity – concentrate on your left, the D controls… Financial Statements Key Reporting Controls Supporting Controls (Transactions) IT Embedded Controls Balance Sheet Income Statement D.1. D.2. D.3. D.4. C.1 C.N EUC AEC C.11 OLA C.12 PDW as a “Filter” By major class of trade… Start end-to-end mapping process in a risk-based, financial statement reporting priority

  2. Conceptual Control Hierarchy Set “attention” priority to improve control & reduce complexity Financial Statements IS BS CLC Direct Analysis Closing Complex Transactions Transactions C-Transactions AEC - EUC IT Embedded Controls ITCC - Applications ITGC - Infrastructure OLA – True High Business Principles, BCI, Assurance, Audit H/R – Quality People

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