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Q53 Single choice

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

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