Rapid Audited Accounts – Within Three Weeks of Year-End

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Rapid Audited Accounts – Within Three Weeks of Year-End

USD $250.00 USD $200.00

Save time cost and heartache using this simple guide. This paper covers organizing the audit interface, best practice year-end processes, speeding up data capture from reporting entities, and how to clean up the month-end processes to achieve this goal. This unique implementation toolkit comprise my latest thinking on the subject matter. The toolkit contains 50 pages designed to help readers implement better practice methods. The  toolkit comes with electronic media, eg: checklists, templates, and workshop agendas to assist in a swift year-end close. I have spent around US$50,000 developing and updating this toolkit. I guarantee, you will save many times the cost of the toolkit. Please click here to look inside the toolkit.

Product Description

Many Corporate accountants have for some time been looking at ways to streamline annual reporting processes. Annual reporting is seldom an area where the accounting function scores many goals. The annual report is an important regulatory and stewardship requirement. It should be completed expediently and should not consume scarce accounting resources for inordinately long periods of time. This toolkit will show you that obtaining audit clearance within 15 working days or less is possible by adopting the better practices of your peers which tackle the year-end bottlenecks head on.

This unique implementation toolkit comprise my latest thinking on the subject matter. The toolkit contains 50 pages designed to help readers implement better practice methods. The  toolkit comes with electronic media, eg: checklists, templates, and workshop agendas to assist in a swift year-end close. I have spent around US$50,000 developing and updating this toolkit. I guarantee, you will save many times the cost of the toolkit.

Why you should buy this toolkit:

  • You owe it to your team and yourself to be freed from a slow painful and often unrewarding annual reporting process
  • It will introduce you to ‘post-it’ reengineering which will streamline other processes such as monthly reporting and annual planning.
  • You get to tell the CEO you have reduced the costs of the annual reporting process.
  • Improve the efficiency of the interface with external auditors
  • Easy to use electronic templates – which can be in use immediate including comprehensive annual reporting checklist
  • Squeeze out more value from the audit process

Please click here to look inside the toolkit.

Table of Contents

1      Background…………………………………………………………………………………………… 4

1.1      Leaving A Legacy………………………………………………………………………………… 4

1.2      Getting The Balance Of Work Right…………………………………………………………… 4

1.3      The Costs Of A Slow Year-End…………………………………………………………………. 5

1.4      A Quick Year-End Is A Good Year-End……………………………………………………….. 6

1.5      Selling A Quick year-end Process Through The “Emotional Drivers”……………………… 7

1.6      Establish year-end reporting rules within the finance team……………………………….. 8

2      Organising the Audit Interface……………………………………………………………………. 10

2.1      Help Get the Auditors Organized…………………………………………………………….. 10

2.2      Appoint An Audit Coordinator………………………………………………………………… 10

2.3      Develop an Audit Process Checklist…………………………………………………………. 11

3      Efficient Year-End Processes………………………………………………………………………. 16

3.1      Complete The Drafting Of The Annual Report Before Year-End!………………………… 16

3.2      Set up an “overs and unders” schedule and limit when changes can be made……….. 16

3.3      Hold daily SCRUMS with all accountants involved in the year-end……………………… 17

3.4      Negotiate and plan for a sign-off by the auditors within 15 working days!……………. 18

3.5      Have A Month 10 Or 11 Hard Close…………………………………………………………. 19

3.6      Effective Stock Takes………………………………………………………………………….. 19

3.7      Estimating “Added Value” In WIP And Finished Goods……………………………………. 19

3.8      Effective Fixed Assets Verification…………………………………………………………… 19

3.9      Importance Of The Internal Auditors………………………………………………………… 20

3.10        Extract More Value From The Management Letter……………………………………… 20

3.11        Derive More Value From The Interim Audit………………………………………………. 21

3.12        Restrict Access Of Confidential Information To The Audit Partner……………………. 21

3.13        International Case Studies…………………………………………………………………. 21

3.14        Run A Workshop To “Post-It” Re-Engineer Year-End Reporting………………………. 22

4      Replacing Excel in the Consolidation Process…………………………………………………… 29

4.1      Handling Diversity in the Chart of Accounts……………………………………………….. 29

5      Speeding up the Reporting Supply Chain……………………………………………………….. 30

5.1      Data Capture From Reporting Entities………………………………………………………. 30

5.2      Mapping To Group Systems and Control……………………………………………………. 30

5.3      “Last Mile” Information Handling…………………………………………………………….. 31

5.4      The Way Forward………………………………………………………………………………. 31

6      Quality Assurance………………………………………………………………………………….. 32

6.1      True And Fair View And Error Free………………………………………………………….. 32

6.2      Ban All Late Changes to the Reports………………………………………………………… 32

6.3      Cross checking all numbers for internal consistency……………………………………… 32

6.4      The Two Person Read Through………………………………………………………………. 33

6.5      Computer Read Back Facility Especially For People Suffering Dyslexia…………………. 33

6.6      Look For Those Last Two Errors……………………………………………………………… 33

7      The Key Activities of a three Week Year End……………………………………………………. 34

8      A Quick 12th Month Report – By Working Day 3 Or Less………………………………………. 35

8.1      Rating Scale For Month-End Reporting……………………………………………………… 35

8.2      Benefits To Management And The Finance Team Of Quick Month-End Reporting…….. 35

8.3      Impact Of A Quick Month-End On The Finance Team Workload…………………………. 36

8.4      Tighten Up On The Month-End Cut-Offs…………………………………………………….. 37

8.5      Pushing Processing Back From Month-End…………………………………………………. 37

8.6      Ban Spring Cleaning At Month-End………………………………………………………….. 37

8.7      Moving Period Ending To the Nearest Week-End………………………………………….. 38

8.8      Limit the BHs’ Monthly “Variance To Budget” Report To One Page……………………… 38

8.9      Issue a “Flash Report” At the End of Day One……………………………………………… 38

8.10        Avoiding The Re-Writing stage…………………………………………………………….. 39

8.11        The Key Activities Of A Three Working Day Month-End Are Set Out Below:………… 40

8.12        Some Case Studies On How Quick The Change Can Be If You Follow These Lessons 40

9      Writer’s biography………………………………………………………………………………….. 41

Appendix 1 Useful Letters………………………………………………………………………………. 42

Appendix 2 Checklist Of Implementation Steps To Reduce Month-End Reporting Time Frames 44

Appendix 3 Suggested Rules for The Year-End Processes…………………………………………. 46

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