ARRS(1)
Select the best answer.
Proper account reconciliations can enhance other compliance and reporting need like:
a. Safeguarding of Asset
b. Reliable and Accurate Financial Reporting
c. Detecting and preventing fraud or other process deficiencies
d. All of the above.
D. All of the above
What is the Sox control number for Accounts recon prepared
13.4.7
True or False. Having a reconciling item means an account should be deemed unreconciled
The acronym GARS stands for ______.
Global Account Reconciliation Solution
When is the loading of data or transaction from JDE to GARS happens?
WD6-WD7
The process of determining that a general ledger account (and sub-ledger if applicable) is properly stated and that the contents are aligned with the purpose of the account.
This is done by comparing the account contents to evidence supporting its proper balance, analyzing the balance and/or components and taking action to resolve discrepancies.
Accounts Reconciliation
What is the first condition of a reconciled account
Account Assignment
True or False. Missed monthly reconciliations should be consider unreconciled for the month(s) they were missed
True
Who is responsible for sending email notification that GARS is now Open with link of new account assignment
FSS GARS Admin
In GARS, there is a template called BD Matching, BD stands for:
a. Business Development
b. Business Detail
c. Balance Detail
Balance detail
The primary responsible to determine reconciled status
Reconciler
Effective method of gathering information and soliciting action from others
Trace and Escalations
Fill in the blanks: SOX 13.4.7 Accounts Recon Prepared states that Account Reconciliations are prepared on at least a _______basis according to Chevron Account Reconciliation Standards.
Quarterly
In GARS, who should certify that a reconciliation is completed accurately and completely:
a. FSS GARS Admin
b. Reconciler
c. Reviewer
C. Reviewer
Who should perform Risk Rating of accounts:
a. FSS GARS Admin
b. Reconciler
c. Reviewer
B. Reconciler Performs Risk Rating of Accounts
The most effective process for resolving exceptions when reconciler research efforts have been exhausted
Trace and Escalations
Corrections of accounting entry(s) to reflect proper balance or entry
Adjustments
A component of an account balance that may not be correctly stated or may not belong in the account is called:
a. Cleared Item
b. Normal Open Item
c. Reconciling Item
C. Reconciling Item
True or False: In GARS, Accounts with ‘External Reconciliation’ templates will qualify for zba auto-recons
False. Accounts with ‘External’ or ‘Cash Detail’ templates will not qualify for zba auto- recons; to qualify for noa auto-recons, accounts must be on system templates (not ‘ External’)
Which of the following locations are not supported by GARS Admin:
a. ABU (Australia Business Unit)
b. IBU (Indonesia Business Unit)
c. EBU (Eurasia Business Unit)
d. None of the Above
D. None of the above. All of these locations are supported by GARS Admin
Reconcile or Unreconciled:
Facts:
Account’s risk profile dictates monthly reconciliation
January reconciliation is performed and the account fully meets the 7 Conditions
February reconciliation is missed
March reconciliation is completed
During the March reconciliation process, it is discovered that there are items that should have been traced & escalated in February. An action plan is put into place to resolve the open items in April business.
Reconciled
Reconciled as of March/1Q
Each control performance stands on its own
A missed monthly reconciliation is deemed unreconciled for that period (i.e., February)
Missed February reconciliation should be reported as incident (Level 2 – Failure of Internal Controls)
T&E: an action plan is in place to resolve the open items
Unreconciled if
T&E: no action plan in place to resolve the open items
An entry made to clear an item when all reasonable efforts have been exhausted and/or the cost to pursue is expected to exceed the value of discrepancy.
Write-Off
What template to use to report unreconciled Account?
QIAR (Quarterly Impact Analysis Report)
This GARS Template is designed for accounts that are reconciled externally for accounts with complex rules:
External Reconciliation
In GARS, Accounts can be deactivated if following 3 criteria is met for dissolved CCNs:
1. Account is blocked from further posting in Accounting System (JDE/SAP)
2. CCN has been dissolved
3. _______
Balance is Zero