The ‘Account Reviewed’ button enables you to easily document and evidence when someone has reviewed and verified the accuracy or state of Cash Account level reconciliations. This makes it easier to demonstrate to managers, auditors and compliance that the necessary levels of oversight and controls are in place for these critical reconciliations.
By implementing an effective Account Sign Reviewed process, it can help to demonstrate your compliance with the requirements of Section 404 of the SoX Act, and ensure the accuracy and integrity of your financial reporting.
- Accountability: By signing off at the end of the day, users are acknowledging that accounts have been actioned and reviewed. This, in the future, may be used to evidence controls for audit and compliance validations.
- Accuracy: Providing controls to validate if the daily review of cash account activity is taking place will reduce the risk of errors or discrepancies being overlooked.
- Increased Communication: When team members are required to sign off on their work, it provides an opportunity for them to communicate any issues or concerns they may have. This can help to identify potential problems early on, allowing the team to address them before they become larger issues.
Reviewing an account
To perform the accounts review go to the accounts page, select the account groups you wish to mark reviewed and push the “Account reviewed” button:
The account review information which gets stored for a given account group is the name and date of the reviewer:
The review information is displayed for the most recent review operation only. It is also included in the exported accounts view spreadsheet.
Filtering and sorting
- “Reviewed by” and “Reviewed at” columns can be filtered by and sorted. This allows users to search for account groups of special interest from the review perspective.
- To find accounts that have not yet been reviewed, filter “Reviewed by” through values, selecting “Empty”.
- To find accounts that have not been reviewed on a given day, filter “Reviewed at” using “Before or after a date” filter, set it to the day of interest and select “Before”.
Checking account review history in the audit log
All reviews are recorded in the audit logs:
All account reviews are available in the audit log and can be filtered by the Cash process.
The account group name listed in the message reflects the name of a group at the moment of account review. In the event of a group rename, the name of the group in the audit log won’t change.