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reconciliation process

By Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons) | 4 Minutes Read April 7, 2021

A $900M error, poor system design, and failed internal controls

A $900M error, poor system design, and failed internal controls intersected in a recent court case decided in New York. Citibank, in its role as administrator for loans that a group of lenders, or syndicate, had made to Revlon, was responsible for coordinating between lenders and Revlon.

Article by Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons) / Business, Finance and Accounting, Information Technology / errors or omissions, finance, financial transactions, Internal Controls, processing errors, reconciliation process, system design, validation controls Leave a Comment

By Occasional Contributors | 5 Minutes Read October 21, 2015

Payroll accounting – What you don’t account for can hurt you

Payroll is one of the largest single expenses of an organization. Without proper accounting controls in place, money could be misappropriated and false expense claims processed. For this reason, employers must intimately understand their payroll costs, and know how to control and predict them.

Article by Occasional Contributors / Business, Finance and Accounting, Payroll / accounting procedures, Canadian Payroll Association, collective agreements, company policies, cpa, employment contracts, financial statements, internal and/or external auditor, labour costs, overpayments or errors, Payroll, Payroll accounting, payroll fraud, Payroll practitioners, Payroll tax, payroll-related legislation, rates of pay, reconciliation process, Taxes and expenses, wages and benefits

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