Audit Enablement

The NetSuite application has many features that enable user entities to build and manage proper internal controls over its financial reporting. The use of NetSuite as a financial system provides the opportunity for financial process controls to exist in a single system for the organization and then extend that functionality with applications from Fastpath or Strongpoint.

There are several customizations that can be done to help ensure that financial transactions are reasonably free from misstatements due to errors. These include:

NetSuite is a tool designed to help its customers meet their business needs, but it is up to customers to ensure that they properly understand their requirements and figure out how they can use NetSuite to meet those requirements. The implementation of controls to enable auditing is customizable for each customer’s business needs. Customers should properly understand their risks, how they want to address them, the level of controls to be put in place, and how they will monitor these controls. They also need to understand their compliance obligations, and the requirements for each of these obligations.

Related Topics

Tracking Changes in NetSuite
Auditing Primary Data and Configuration Changes in NetSuite
Auditing Account Preferences
Documenting Changes

General Notices