A global manufacturing company has over 100 subsidiaries worldwide reporting to it each month.
The reporting units prepare the basic financial statements and other key financial data on prescribed
forms, which are e-mailed or faxed to the corporate headquarters. The financial data are then
entered into the corporate database from which consolidated statements are prepared for internal
planning and decision making.
Current reporting policy requires that the subsidiaries provide the previous month’s reports by the
tenth working day of each new month. Accounting department staff log and enter the reports into
the database. Approximately 15 percent of the reporting units are delinquent in submitting their
reports, and 3 to 4 days are required to enter all the data into the database. After the data are loaded
into the system, data verification programs are run to check footings, cross-statement consistency,
and dollar range limits. An
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