Quick 2-3 paragraph accounting assignment

At a recent staff meeting, the VP of marketing appeared confused. The controller has assured him the parent company and each of the subsidiary companies had properly accounted for all transactions during the year. The VP asked, “If it has been done properly, then why must you spend so much time and make so many changes to the amounts reported by the individual companies when you prepare the consolidated financial statements each month? You should be able to just add the reported balances together.” On behalf of the controller, provide an answer to the VP of marketing and support for your response.

Please include one in text citation using APA format. Don't forget to cite the source again including the link where you found the information at the end of the assignment.