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Accounts receivable subsidiary ledgers are not reconciled to the general ledger account in a timely...

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Accounting

Accounts receivable subsidiary ledgers are not reconciled to the general ledger account in a timely and accurate manner. There is a formal policy, however, there is no formal process or procedure that is followed to complete this task. The differences between the subsidiaries and ledger accounts required an audit adjustment of $376,000. ou must state explicitly whether each transaction is material weakness or significant deficiency. You must say why it is one or the other.

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