All 23 Reconciliations questions
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How do you reconcile intercompany AP/AR balances? How does automation (reconciliation software) improve the process? How do you reconcile accounts receivable to revenue? What is a three-way reconciliation (e.g., for trust/client accounts)? How do you reconcile petty cash and expense floats? What is the account reconciliation process at month-end close? How do you deal with aged, unexplained reconciling items? How does reconciliation support the financial-close controls and audit? How do you reconcile cash across the bank statement, cash book, AR receipts, and AP payments? How do you handle timing differences in month-end reconciliations?
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Accounts Payable & Receivable › Reconciliations

What makes a reconciliation 'review-ready' for audit?

Intermediate

Answer

It should show both balances, the source of each, all reconciling items with descriptions/ages/owners, supporting documentation, and evidence of independent review and sign-off with dates. No unexplained differences should remain. This lets a reviewer or auditor verify completeness and accuracy quickly.
Real-world example An auditor accepts the bank reconciliation because every reconciling item is documented, aged, owned, and signed off independently.

Common follow-ups: What must a reconciliation include for audit? | Why is independent sign-off needed?

Reconciliations Aging Analysis Invoice Processing
All 23 Reconciliations questions