Footnote controls 280
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Can anyone tell me what they are doing to document/test internal controls over numbers and tables in their footnotes? Our auditor has asked us to develop a control matrix over our footnote tables and numbers - as well as specific notes - to ensure that we have covered accuracy and completeness. Just want to see if anyone else has approached this yet or not and, if so, how? Thanks.
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In my organisation (foreign filer) we have analysed how all relevant figures in the 20-F (including footnotes) get there and used this to scope our relevant business processes. Several of our processes are purely about generating disclosure information.
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We looked for evidence of formal checklists (SEC and Big 4) to indicate that all required footnote information was prepared. We also ensured that all footnote information was fully supported by information verified in other areas of testing (AP, AR, Tax, etc.)