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Question 123/151

A company's accounting department implements a new system to track liabilities for capital assets. The reports developed by this system exclude some important indirect procurement data (e.g., transactions related to test equipment), as this information is tracked by another system. Which of the following is the BEST course of action for the firm to take in this situation?

A. Estimate the total debts and assets being tracked outside the system and correct any large variances on a quarterly basis

B. Notify senior management that reports from the new system may understate the company's debts and assets

C. Notify the entire organization of the issue during the next iteration of the tool

D. Take no action, as the aggregate numbers reported to shareholders will not be severely affected

Correct Answer: B

The new accounting system implemented by the company's accounting department excludes some important indirect procurement data, leading to incomplete reports. The best course of action is to notify senior management about the potential understatement of the company's debts and assets. This ensures transparency and allows senior management to take necessary steps to address the issue, such as integrating the data from the other system or adjusting their decision-making processes accordingly.
References
* Financial Accounting Standards Board (FASB). Reporting standards and guidelines.
* COSO (Committee of Sponsoring Organizations of the Treadway Commission). Internal Control-Integrated Framework.

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