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The Fast Close Toolkit

Exam Questions: 50
Course Level: Basic
Pages: 424 | Content: 336, Supplemental: 88
NASBA Area of Study: Management Services
Not Acceptable for: Enrolled Agents
Version: 7830

This course is a valuable source of information for professionals involved in controllership and have responsibility for the fiscal close. It focuses on critical methods that can be used to dramatically improve the closing process. You'll find both strategic and tactical suggestions for ways to improve the process plus guidance on new legislation requirements, systems and best practice processes. It will define R2R, recommend roles and responsibilities, offer internal controls, identify KPIs, and provide the mechanism for developing a financial close scorecard. PLEASE NOTE: Not acceptable for Enrolled Agents. All course material provided. No prerequisites. Course level: Basic.

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Course Information

Table of Contents
  • Introduction
  • Why the Continued Focus on the Fiscal Closing Process?
  • Key Pain Points and Bottlenecks
  • The Components of the Fiscal Close
  • Governing the Fiscal Close Process
  • The Transaction Accumulation, Reconciliation, and Sub-Ledger Close
  • Introduction to the Standards of Internal Control
  • Roles and Responsibilities During the Fiscal Close
  • The General Ledger and Trial Balance
  • The Common Chart of Accounts
  • Cost Centers
  • The Journal Entry Process
  • Spreadsheet Controls
  • Checklists for the Transaction Accumulation, Reconciliation, and Sub-Ledger Close
  • Sample Policies for the Transaction Accumulation, Reconciliation, and Sub-Ledger Close
  • Process Narratives for the Transaction Accumulation, Reconciliation, and Sub-Ledger Close
  • Standards of Internal Control for the Transaction Accumulation, Reconciliation, and Sub-Ledger Close
  • Corporate Close and Consolidation
  • The Number of Consolidation Points
  • The Number of Closing Cycles
  • Post-Closing Entries
  • Communication and Accountability
  • Financial Statement Assertions
  • Checklists for the Corporate Close and Consolidation Process
  • Sample Policies for the Corporate Close and Consolidation Process
  • Process Narratives for the Corporate Close and Consolidation Process
  • Standards of Internal Control for the Corporate Close and Consolidation Process
  • Analysis and Reporting (The Final Mile)
  • Internal and External Reporting
  • Budgeting and Forecasting
  • Reduce Fiscal Close Cycle Times by Moving Your Finance Function to "Dynamic" Budgeting and Planning
  • Fixed Assets and the Capital Budget
  • The Forecast Process
  • The Fiscal Close and Strategic Planning
  • Analytics to Detect Financial Statement Fraud
  • Checklists for the Analysis and Reporting Process
  • Sample Policies for the Analysis and Reporting Process
  • Process narratives for the Analysis and Reporting Process
  • Standards of Internal Control for the Analysis and Reporting Process
  • The Virtual Close: Myth or Reality?
  • Roadmap: Benefits of the Fast Close
  • Accelerating the Close with Automation
Objectives
  • To identify a successful fiscal close process
  • To identify indirect cost centers
  • To recognize the benefits of using electronic spreadsheets
  • To identify internal control objectives
  • To identify financial statement assertions
  • To identify the cycles in the R2R process
  • To identify various fraud schemes
  • To identify the elements of a virtual close

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.