What is the official business definition of Accounting Close Process?

The close process is a method by which an organization can ensure its financial records are up to date, valid and reliable. The purpose of the accounting close process is to provide accountants with a system that helps them verify the accuracy of their financial records. It provides a means for accountants to compare their current records against what they have previously recorded in order to spot any anomalies. The close process also provides an accurate record of transactions and an assurance that external parties such as auditors and investors can trust the information provided.