When one is hired/appointed to a new position in a new company, please keep your eyes and ears open to the following areas when you are being briefed on your new responsibilities by your new colleagues.
- You should obtain an understanding of the business and its environment.
- You should obtain an understanding of the business’s accounting processes.
- Are there opportunities that controls may be incomplete, non existent or overrided?
- What is the money flow for the business? Follow the money!
- Focus on other key areas of potential risks in journal entries, accounting estimates and significant transactions.