Generally, four key phases are outlined for financial process. These phases include planning the , determining the working of internal control, testing significant assertions about the data and evaluating compliance, and reporting the evaluations.

These phases are explained below for your reference:

• Planning : The process of financial begins with a plan that involves the method of collecting data to form an opinion about the organization or company’s financial status. A way is planned to collect a sample reflecting a point in time in the life of the company or organization. The financial transactions and documents are then looked at. It is noteworthy that the sample should show compliance with GAAP.
• Internal controls: The next step involves giving a look at the internal controls. The or demands info, looks closely at the records, and watches financial procedures in action. Without these steps, the or cannot give a statement about the financial status of the organization.
• Testing: implies checking whether the internal controls are working or not. An or requests more info, returns to the company for more inspections, and watches how financial procedures are being performed. If the evidence demonstrates GAAP compliance, the or determines that the company successfully detects and prevents the errors.
• Reporting: The final step in financial involves giving a conclusion on how the company adheres to accounting standards. The from a CPA gives the organization an unqualified approval, a qualified approval, a disclaimer, or an adverse finding. The unqualified approval is considered as the best result and the adverse finding is considered to be the worst result.

In a job description, a financial or evaluates companies’ financial statements, documentation, accounting entries, and data. They may gather information from the company’s reporting systems, balance sheets, tax returns, control systems, income documents, invoices, billing procedures, and account balances.