In your role as Group Accountant, you have been asked to draft a new procedure over the financial statements consolidation process, involving several subsidiaries who are part of the organisations large group. Previously there has been an inconsistent approach leading to reporting errors with the existing approach.

Your advice should include what appropriate management tools would be incorporated to ensure a consistent and rigorous approach regardless as to whom is in charge of the process.

Answer rating: 100% (QA)

In drafting a new procedure for the financial statements consolidation process well need to establish a system that ensures consistent application and ... View the full answer