Accounting Policies and Procedures for Early Stage …

Accounting Policies and Procedures for Early Stage CompaniesTable of ContentsIntroduction ..1 Internal controls for component ledger .. purchasing cycle .. revenue cycle .. assets .. benefits ..25 Insurance ..25 Sales tax ..25 Accounting periods ..25 Appendix 1 1999 PricewaterhouseCoopers LLP. PricewaterhouseCoopers refers to the firm of PricewaterhouseCoopers LLP and other members of the worldwide PricewaterhouseCoopers LLPINTRODUCTIONThis manual is produced for use by managementof companies in the Early stages of provides basic Accounting Procedures andcontrols which should be implemented in orderto lay a foundation for a system of internalaccounting controls. Also provided in thismanual, are examples of the key documentationmaterials which will be required in order toachieve internal controls. This manual is intended to be used only as anaid and should not be considered a replacementfor management involvement and effort indeveloping a secure internal manual is designed to address the needs ofearly Stage companies with relatively simpleaccounting systems and transactions.

q Review of month-end financial statements by officers and managers, including prompt explanation of any variances or unusual activities. As stated above, summarization of the month™s

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