Managing year end
Farrah Kitabi and Vivien Ma
September 2016
Aims for session
• Action plan for year end accounts
preparation
• Advice on smooth year end process
• How to manage your auditors
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Initial questions
• What challenges do you
face with the year end
audit?
• Discuss and share!
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Project Management
• What is the project
• Producing an audited set of accounts within a
set timetable
• Why should it be project managed?
• In order to meet deadlines
• Manage audit fees
• To make process manageable
• To produce a quality document
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Three key components
• Planning
• Resourcing
• To do list
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Planning
• Establishing a timetable
• Learning from experience
• Planning with the auditors
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Who else should be involved
• Other departments within charity
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Trustees
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SMT
Marketing/communications
Fundraising
Buildings/facilities
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HR/payroll
Grants team
Other budget holders
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Who else should involved?
• Third parties
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Actuaries
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Payroll bureau
Bankers
Legal advisors
Investment advisors
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Extra resource?
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Engaging staff outside of finance
• Basic finance training and updates with
budget holders
• Presenting annual report to staff
• Having FAQs
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Detailed task list
• Do you already have a plan and how
does it work?
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Key tips
Automated e.g. excel
Complete period end procedures
Delegate
Audit yourself
Engage other staff
Clear tasks, clear deadlines, clear persons
responsible
• Learning from experience
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Managing the audit and auditors
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Summary
Think of it as a project:
Plan properly
Work out what resources you need
Engagement with rest of the
organisation
• Detailed to do list
• Continue improving each year
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Contact
• Farrah Kitabi
[email protected]
• Vivien Ma
[email protected]
• 0207 841 6360
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