Audit flags ad-hoc ledger recoding; staff to require journal entries with approval
The auditor found that some invoices were recoded after approval with no audit trail; staff said they will record corrections as journal entries that Michael will approve so changes are documented.
The full story
The Audit Committee heard that a common bookkeeping practice — changing an invoice’s general ledger coding after it was processed — left no audit trail and was cited as the only internal-control finding in the audit. Staff told the committee that instead of directly changing processed invoices, corrections will now be made through journal entries that are reviewed and approved to document the reason for the change.
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