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Organizations applying must submit a compliance audit (conducted by an independent ... The new CSIET audit review process incorporates the “step-ladderThe very first step in the accounting cycle is to gather all the documents that are related to financial transactions of the organization. These documents, called source documents, are things like receipts, bank statements, checks, and purchase orders. They are the items that describe what a transaction was 2. Analyze transactionsThe second step in the accounting cycle is to analyze the source documents. The purpose of this is to look them over and then decide what effect they have had on company accounts.3. Journalize transactionsThe third step in the accounting cycle is to post entries into the journal for the analyzed transactions. A journal is the book or electronic record that documents all the financial transactions for a company and the accounts that are affected by each transaction. When a journal entry is made, the 'double-entry' rule is used. This means that for every one transaction, at least two accounts are affected. There must be a debit and a credit for each transaction, and the total of debits and credits must equal the amount of the transaction. Journal entries are entered in chronological order, and debits are entered before credits.
