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Assignment example - Internal auditing, Investor accounting, The process of Remittance, Reconciliation and Reporting
Finance & Accounting
Pages 3 (753 words)
Name: Course: Instructor: Date: Internal Auditing, Investor Accounting, the Process of Remittance, Reconciliation, and Reporting PennyMac purchases services Government Sponsored Enterprises (GSE) and Non-GSE loans. This necessitates the company to perform certain activities as pertaining to the whole investor accounting process of the company…
Extract of sample
However, the 15th day may fall on a weekend or a holiday making the previous business end of the cycle known as the accounting cutoff. Reporting and remittance are necessary to be done accurately and timely (Jickling 2) Investor Accounting The investor reporting process is a bit different from the remittance process, and it is a process involving submitting of information to Penny Mac portfolio’s accounting activities. It is made up of both and interim and monthly processing. The accounting process cycle that is as earlier said from 16th to 15th determines the timing of the reports. Reporting includes all the different loan-levels apart from third party foreclosure sales and payoffs. Interim reporting is done according to the type transaction with all interim reports being done under five business days. A report once done it is reviewed for any level of discrepancies through daily checks on the databases. The discrepancies thus noted are known as edits and they are made available on a daily basis to investors. Report revisions are allowed so long as they are identified as corrections in the transaction level. The reporting of transaction corrections should not be made later than four business days before the end of the accounting cycle. ...
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