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Is the reconciliation is one of the best internal controls in organisation and how frequently use it organisation in their operations?

Internal Audit Internal Controls
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Question added by Geetesh kumar lalwani , Assistant Manager Finance and Treasury , Mawared Energy
Date Posted: 2014/12/26
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Arnel Yabao
by Arnel Yabao , SALES SUPPORT OFFICER , Almana and Partners w.l.l

Reconcilation is the best internal control which used by organization depends on thier function. Cash department must be reconcile daily basis. Accounts Payable and Receivable department must be reconcile monthly, quarterly, and annually.

Anuj Chadha
by Anuj Chadha , Head of Operational Risk , Ahli United Bank

reconciliation is not the best control since it is a detective control and not preventive control. However every organization still uses reconciliation on almost daily basis to detect an issue but these will be post facto

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