December 19, 2014 - 10:15am
#1
Our Annual Audit Risk Assessment normally rates our General Ledger Reconciliations as a low-moderate rating which normally requires an every 3 - 4 years for the audit. (This is out of a 4 step rating - Very High, High, Moderate, Low).
I'm wondering if you risk assess General Ledger Reconciliations as one item, how does it normally fall out in your assessment as a rating and required timing.
We have a Board Member that believes that this audit is a VERY HIGH risk and should be audited EVERY year.
Thoughts? Comments?
