The Fast Close Toolkit

CHAPTER THIRTY EIGHTStandards of Internal Control for the Analysis and Reporting Process

STANDARDS OF INTERNAL CONTROL 7: DISCLOSURE CHECKLIST

Introduction: These standards of internal controls define the control objectives, risks, control assertions, control activity title, and frequency to ensure that good controls are in place for the Disclosure Checklist process.

Control Objective	Risk	Control Assertion	Control Activity Title	Control Activity	Frequency
Ensure that external financial reporting is provided with accurate and complete data for purposes of disclosures in the 10Q or 10K submissions.	A material item or transaction requiring disclosure in the financial statements may be omitted.	Completeness valuation or allocation information and disclosure	VP Checklist Review	The VP of general accounting reviews accounting disclosure checklist and signs and dates the checklist denoting approval.	Quarterly

STANDARDS OF INTERNAL CONTROL 8: FLUCTUATION ANALYSIS

Introduction: These standards of internal controls define the control objectives, risks, control assertions, control activity title, and frequency to ensure that good controls are in place for the Fluctuation Analysis process.

Control Objective	Risk	Control Assertion	Control Activity Title	Control Activity	Frequency
Ensure that all unusual and material fluctuations are identified.	Unidentified material variances in account balances could represent errors or irregularities leading to misstatements if ...