What is aIntercompany Transaction Audit Report? An Intercompany Transaction Audit Report is a vital tool for consolidation, employed by Group Controllers to identify and assess all intercompany transactions occurring within a specific timeframe. This report primarily serves the purpose of identifying internal transactions conducted between subsidiaries throughout a given month. It encompasses various types of transactions, such as sales, purchases, payables, and receivables. Furthermore, the report provides a comprehensive overview of both the parties involved in the transaction, including the due-to and due-from entities. A sample report of this nature is presented below.
Purpose of Intercompany Audit Reports Intercompany Audit Reports serve as a means for companies and organizations to promptly obtain a comprehensive list of intercompany activities within a designated period. When integrated into sound business practices within the Finance & Accounting Department, these reports facilitate the enhancement of the consolidation process, its efficiency, and also mitigate the risk of incorrect elimination of transactions.
Benefits to Users Intercompany Transaction Audit Reports offer significant benefits to business users, enabling them to make informed decisions and enhance their job efficiency. By having access to a consolidated view of intercompany transactions, users gain valuable insights into the financial activities occurring across subsidiaries. This comprehensive understanding allows them to identify potential inefficiencies, discrepancies, or anomalies in intercompany transactions promptly. Armed with this knowledge, users can take proactive measures to address issues, streamline processes, and optimize financial operations. Moreover, the availability of accurate and up-to-date information in these reports empowers users to make well-informed decisions regarding budgeting, forecasting, resource allocation, and strategic planning. Ultimately, leveraging the Intercompany Transaction Audit Report not only improves the overall accuracy and reliability of financial data but also enhances user productivity and effectiveness in their roles.
Intercompany Audit Report Example Here is an example of an Intercompany Transaction Audit Report.
Intercompany Transaction Audit Report from Solver
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Who Uses This Type of Report? The typical users of this type of report are: Group Controllers and Accountants.
Other Reports Often Used in Conjunction with Intercompany Audit Reports Progressive Finance & Accounting Departments sometimes use several different Intercompany Audit Reports, along with intercompany elimination forms and reports and other management and control tools.
Where Does the Data for Analysis Originate From? The Actual (historical transactions) data typically comes from enterprise resource planning (ERP) systems like: Microsoft Dynamics 365 (D365) Finance, Microsoft Dynamics 365 Business Central (D365 BC), Microsoft Dynamics AX, Microsoft Dynamics NAV, Microsoft Dynamics GP, Microsoft Dynamics SL, Sage Intacct, Sage 100, Sage 300, Sage 500, Sage X3, SAP Business One, SAP ByDesign, Acumatica, Netsuite and others. In analyses where budgets or forecasts are used, the planning data most often originates from in-house Excel spreadsheet models or from professional corporate performance management (CPM/EPM) solutions.
What Tools are Typically used for Reporting, Planning and Dashboards? Examples of business software used with the data and ERPs mentioned above are:
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