This sample process flow focuses on the acquisition of business, contracting, and revenue recognition. It addresses the risk that projects are not properly maintained in the system resulting in revenues that are not accurately presented in the financial statements. Also included throughout the process flow are controls to mitigate associated risks.
The acquisition of business process includes the following sub-processes:
- Proposal and Budget
- Bid and Proposal
- Contract Award and Acceptance
- Revenue Recognition
This document can be used as a general guide to understand and review the process. Organizations should continuously update and monitor the processes included in this document to ensure that it reflects business operations. Also included in this document is a sample organization chart to depict your company’s organization structure.
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