Nanonets

JANUARY 1, 2024

In this blog, we'll delve into what invoice audits entail and why they are crucial for the financial integrity of businesses. What is an Accounts Payable Audit?    An Account Payable Audit is a process by which the financial records of the accounts payable department are examined by an auditor.

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Nanonets

AUGUST 1, 2023

Internal audits play a crucial role in assessing a company's internal controls, corporate governance, and accounting processes. These audits are essential for ensuring compliance with laws and regulations, as well as maintaining accurate and timely financial reporting and data collection.

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PYMNTS

APRIL 24, 2019

Wirecard has denied claims levied by the Financial Times that its subsidiaries were not audited, according to a report by Reuters. The FT , using a whistleblower as a source, said that Wirecard’s accounts in Card Systems Middle East in Dubai were not audited in 2016 and 2017.

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PYMNTS

MAY 16, 2018

SOC 2 was developed by the American Institute of Certified Public Accountants (also known as AICPA) and exists as an auditing process aimed at ensuring that service providers maintain and manage customer data in a safe manner. The onus is on the firm to produce proof that such procedures were followed.

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FloQast

NOVEMBER 20, 2023

Internal auditing ensures an organization’s financial integrity, compliance with regulations, and overall operational efficiency. One of the first steps in carrying out an effective internal audit is to perform an internal audit risk assessment. What Is an Internal Audit Risk Assessment?

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Risk Assessment Audit Assessments Risk 52

VISTA InfoSec

JULY 31, 2023

Create a Formal Procedure : Establish a standardized process for restricting network access by configuring rules and criteria for your firewalls and routers. Maintain Documentation of Your Procedures : Keep a record of your process and create visual representations of cardholder data streams between systems and networks.

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PCI DSS Security Encryption Compliance 130

VISTA InfoSec

JANUARY 22, 2024

’s changes, we’ve reached the heart of the matter – Requirement 3: Protect Stored Account Data. Requirement and Testing Procedures 3.2.a Requirement and Testing Procedures 3.2.a Requirement and Testing Procedures 3.1 Implement minimal account data storage policies. Requirement and Testing Procedures 3.3

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Nanonets

AUGUST 1, 2023

In the rapidly evolving world of auditing, innovative technologies have revolutionized traditional practices. Auditors are now increasingly embracing the agile auditing approach previously used in software development. This strategic allocation of resources optimizes auditing efforts, leading to more focused and effective audits.

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Audit Risk Assessment AI Assessments 52

PYMNTS

MAY 12, 2017

million — a record for the watchdog, reports said — for misconduct during its audit of Connaught. Reports Thursday (May 11) said the Financial Reporting Council slapped PwC with the fine and issued a separate fine to retired PwC audit partner Stephen Harrison for his role in the 2009 audit. regulator has fined PwC $6.5

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PYMNTS

OCTOBER 21, 2019

21), following news of an independent audit by KPMG. Bloomberg is reporting that the news is an attempt to try and make investors feel better about the company and its reported accounting issues. Wirecard said the auditing company will have “unrestricted access to all information on all levels of the group.”

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VISTA InfoSec

FEBRUARY 28, 2024

This is done by assigning unique identifiers and employing authentication factors (like passwords, tokens, or biometrics) to access rights and privileges associated with user, application, system, or service accounts. Changes Overall Focus Strong emphasis on eliminating shared accounts. Eliminate generic accounts (e.g.,

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PCI DSS Best Practices Authentication Rules 130

VISTA InfoSec

SEPTEMBER 28, 2023

Appoint an Independent Data Auditor: The Significant Data Fiduciary shall appoint an independent data auditor to carry out a data audit. Conduct the Data Protection Impact Assessment (DPIA) and Audits: The Significant Data Fiduciary is responsible for implementing the following measures: (Clause 10 (2) (c), DPDP Act).

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Nanonets

MAY 6, 2024

Spreadsheets like Excel have long been a staple for account reconciliation , but their limitations are becoming increasingly evident. Plus, the inability to identify the individuals responsible for the latest document updates creates a lack of accountability for project stakeholders and can even compromise security measures.

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Stax

JANUARY 8, 2024

To establish an effective risk management program as a PayFac, you must establish a dedicated risk management team, utilize the right tools and technology, develop proper risk management policies and procedures, conduct regular risk audits, and stay up-to-date with the latest industry regulations.

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Nanonets

AUGUST 1, 2023

The era of automation has brought about a revolution in various industries, and the audit sector is no exception. The integration of Artificial Intelligence (AI), cloud-based data storage solutions, and data analytics tools is set to transform the audit industry, reshaping the way accountants and auditors carry out their tasks.

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Audit Automation Risk Assessment Assessments 40

Fintech Review

JUNE 18, 2024

However, what is often overlooked or regarded with disdain is the amount of compliance and account reconciliations needed in back-office operations. Advanced software and innovative tools make back-office tasks like compliance checks and account reconciliations more efficient and accurate. Avoid costly errors and regularly lapses.

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Nanonets

APRIL 3, 2024

Guide to the Vendor Account Reconciliation Process Running a business involves collaboration with various vendors who provide different kinds of products and services. What is Vendor Reconciliation In accounts payable (AP) activities, a vendor is an individual or entity that provides goods or services to the company.

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PYMNTS

NOVEMBER 26, 2018

It’s common sense that a corporation would want its C-Suite to have some knowledge of accounting practices, and one could assume that a lack of understanding of corporate accounting may heighten the risk for misstatements on financial reports. ” Below, PYMNTS breaks down some of the key data points from the research.

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VISTA InfoSec

FEBRUARY 16, 2024

The requirement mandates that software development procedures must be documented and examined to ensure that all security considerations are integrated into every stage of the development process. Verification involved examining software-development procedures and interviewing personnel. . The updated requirement of PCI DSS v4.0

PCI DSS 100

PCI DSS Procedures Best Practices Verification 100

The Fintech Times

FEBRUARY 14, 2024

As businesses adapt to the accelerating pace of technological change and new e-invoicing mandates, one aspect of financial management stands out – accounts payable (AP) automation. Easier monitoring: Automated systems maintain an audit trail for all transactions, facilitating process monitoring and compliance with audits.

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Nanonets

MAY 21, 2024

Seven Best Practices for Effective Account Reconciliations From Mesopotamia's rudimentary ledgers tracking livestock and crops to the second-century BCE Indian treatise " Arthashastra ", accounting has been a cornerstone of economic management in any civilized society.

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Nanonets

SEPTEMBER 21, 2023

Accounting problems  can create significant challenges for businesses, affecting their  financial flow  in the  US. In this article, we will explore common  accounting problems  faced by businesses and provide  solutions  to overcome them.

Accounts 52

Accounts Audit Payroll Compliance 52

Nanonets

MAY 22, 2023

Financial controls are the procedures, policies, and means by which an organization monitors and manages its revenues, costs, budgets, cash flow, and other financial aspects. Ted Baker, the high street fashion retailer, had to close several stores and restructure itself after a £58m accounting error in January 2020.

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Nanonets

AUGUST 1, 2023

Over the years, the auditing landscape has undergone remarkable transformations, and among the most significant advancements has been the advent of audit automation software solutions. Computer-Assisted Audit Tools and Techniques (CAATTs) have been available to auditors since the early 1990s. The situation has changed now.

Audit 40

Audit Automation Risk Assessment Payment APIs and Integration 40

Stax

DECEMBER 4, 2023

trillion took place in 2020, accounting for about 2.7% TL;DR An anti-money laundering (AML) program is a set of laws and procedures that seek to uncover attempts to disguise illicit money as legitimate. To that end, PayFacs must detect, manage, and categorize risky accounts. of global GDP. Let’s get started.

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Money Laundering Compliance AML Due Diligence 88

Neopay

MARCH 14, 2024

This includes proposals on firms’ systems and controls and improving FCA oversight through improved reporting and independent audit of firms safeguarding arrangements. Governance You should have documented policies and supporting operational evidence to show your governance of safeguarding procedures and framework.

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Audit Risk Assessment Reconciliation Due Diligence 59

Nanonets

APRIL 12, 2024

The Importance of Accounts Reconciliation Companies handle a variety of finance-related documents, ranging from bank statements to invoices and payroll records. Amidst this deluge of numbers and figures lies a crucial task: account reconciliation.

Reconciliation 52

Reconciliation Accounts Automation Compliance 52

The Payments Association

OCTOBER 23, 2024

In addition to updating policies and procedures, many firms may need to make significant operational changes, including to their funds flows. Key points for payments firms Relevant funds will generally need to be received directly into a relevant funds bank account in the name of the firm.

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Nanonets

JUNE 18, 2024

Introduction to Account Reconciliation Account reconciliation is the critical process of comparing your general ledger with internal and external sources. Account Reconciliation can be a fairly manual task, especially right before the monthly close. Why is Account Reconciliation so Important?

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Nanonets

JUNE 17, 2023

Account reconciliation is a critical process in accounting, which ensures that financial records are accurate and consistent. This article will provide an in-depth understanding of account reconciliation, its benefits, and how businesses can leverage technology to automate the process. What is Account Reconciliation?

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The Payments Association

DECEMBER 16, 2024

Maintaining accounts in multiple currencies across different providers can also reduce operational risks. Internal Controls and Audits Strong internal controls are essential for efficient and compliant FX processes. Audits of FX practices help identify areas for improvement and ensure alignment with best practices.

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International Payments Risk Payments Strategy Multi-Currency 88

FloQast

FEBRUARY 14, 2024

In the fast-paced finance and accounting world, keeping up with regulations and ensuring a smooth Close are crucial organizational processes. Let’s take a look at how FloQast helped the Director of SOX Compliance and Head of Internal Audit at a.k.a Brands’ accounting procedures. Brands’ accounting operations.

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PYMNTS

APRIL 15, 2019

In fact, last month new standards were added that included the ability to ban accounting firms from doing business in the country if they don’t do their jobs properly.

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Money Laundering Audit Authorization Procedures 70

FloQast

JUNE 24, 2024

Internal accountants are under a lot of pressure. A strong accounting team leads to business success. Resilient accounting teams should rely on effective workflows that help them: Complete tasks on time Minimize the risk of errors Stay compliant Your team needs the right tools and processes in place to support them.

Accounts 52

Accounts Reconciliation Procedures Automation 52

Fintech Finance

OCTOBER 14, 2024

Orbital’s compliance was verified through a rigorous audit conducted by A-LIGN , a globally respected Certified Public Accountant (CPA) firm. This process involved an in-depth examination of Orbital’s internal controls, policies, and procedures across multiple AICPA Trust Services Criteria.

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PYMNTS

JULY 13, 2018

South Korean financial regulators said a unit of Samsung , Samsung BioLogics , intentionally breached corporate accounting rules, Reuters reported Thursday (July 12). “We have legally implemented all accounting procedures,” the company stated. Biogen, based in the U.S., The parties will be further investigated.

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Nanonets

NOVEMBER 15, 2023

Switching to paperless  accounts payable  is intimidating. Staggeringly, 79% of SMEs and 68% of mid-market firms cite manual data input and inefficient procedures as their primary pain point. Based on the numbers, it is evident that a transition to a paperless accounts payable system is necessary. The cherry on top?

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52