What are financial close process controls?
The financial close process is important to a company as it is the function directly related to producing company financial results for each period end. Restricting access to accounting and reporting applications and establishing clear write-off and reserve policies are examples of financial close process controls. These controls can be preventive or detective in nature. What is the objective of financial close process controls? The objective of financial close process controls is to mitigate risks related reporting company financial results for a specific period of time.
