What are the various risks associated with R2R process ?

Question

Accepted Answer

Risks associated with R2R process include errors, fraud, non-compliance, and inefficiencies.

Errors in data entry or processing can lead to inaccurate financial reporting
Fraudulent activities such as misappropriation of funds or falsification of records can occur
Non-compliance with regulations and accounting standards can result in legal and financial penalties
Inefficiencies in the R2R process can lead to delays in financial reporting and increased costs
Lack of segregation of duties can lead to conflicts of interest and increase the risk of errors and fraud
Inadequate training and supervision of staff can lead to mistakes and non-compliance
Poor communication and coordination between departments can lead to delays and errors in the R2R process

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