The Ordway Blog

Continuous transaction controls (CTCs) are government-mandated frameworks that require businesses to submit invoice data to tax authorities in real-time or near-real-time, replacing the traditional model where compliance was verified through periodic returns and after-the-fact audits.

Functional currency reflects where an entity actually does business, transactional currency captures the currency of individual deals, and reporting currency determines how consolidated financials appear to investors and regulators.

Segregation of duties (SoD) is an internal control principle that requires at least two people to complete a critical business task—preventing any single employee from having unchecked power to commit fraud, hide errors, or misappropriate…