Month End Close Binder

Month end closing binders and checklists are key to a successful month end close!

Introduction

Recent audit visits stressed the need for proper documentation and evidence of financial & operational controls being performed on a monthly basis. As a result, a standardized month end binder is recommended and needs to be implemented.

Purpose

The purpose of the month end binder is to ensure that numbers reported are properly supported by documentation. The binder is there to provide a method of verifying that accurate financial records are both consistent and well maintained. This documentation can be used to audit the quality of the numbers reported if needed. The month end checklist verifies that all key monthly controls have been performed. The use of the checklist increases the accuracy of the monthly figures and the quality of the controls completed.

Scope

The binder and checklist are to be prepared by all entities on a monthly basis.

Within the folder there is a distinction between monthly and financial reporting and there is guidance given to determine what is necessary for each reporting cycle.

Requirements: Month end close binder

Requirements: Month end close checklist

Once month end pr

• Attachments).

Once month end pr

Attachments

• Chapters 0 – 13

• Month end closing checklist

• Binder labels

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• A separate new binder must be completed for each month end cycle.

• The June & December Financial Accounts can be merged in the same binder as the June & December month end close binder for Management Accounts.

• The chapters 1-13 must be included in the binder each month.

• All documentation that is included must have a reference to the chapter number and the sub number within the chapter.

• The content of the binder is the minimum requirement, but companies in function of their business model or risks can choose to insert additional chapters or add additional documentation as they...