Documenting the process and completion
Reconciliation processes are most effective when they are consistent and thorough. Employees involved in the reconciliation process should be knowledgeable and clear on their responsibilities and expectations. It should be clear to an external reviewer when reconciliation has been completed.
Make sure that you are following through with the reconciliation processes. Changing the way reconciliations are done often leads to inaccuracies and potential fraud. The reconciliation should be documented to verify that a review has been performed. The reconciliation process and procedures should be documented and communicated to all involved. Document the steps in the process, who performs each step, and the expectations regarding timeliness. Also, create a mechanism for providing proof that all activity has been reviewed and reconciled and a procedure for error correction.