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Q:

Manual Journal Entry Policy

Asked on 9 April

My question revolves around what other companies are doing with regards to internal controls over manual journal entries.  My company currently has a process whereby all manual journal entries are physically reviewed and approved.  It is a time consuming and administratively burdensome process based on the number of journal entries we do each month.  I reached out to a colleague and an internet web site and found a different process a few companies have adopted.  They do not manually review and approve journal entries.  Instead, they have the following controls:

1)       Limit access to who can enter journal entries.

2)      Controls over account reconciliations.

3)      Test a sample of journal entries to ensure the journal entry is appropriate and that there is adequate supporting documentation.

4)      They place more emphasis on reviewing all consolidation journal entries for appropriateness.

I was just wandering if there are other companies who have adopted similar controls.

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