Annually, July
Complete final month-end closing of the last month in the fiscal year.
Posts year-end journal entries for:
Prepare draft financial statement with notes and schedules.
Prepare audit PBC items.
Payroll accrual
Fixed asset capitalization and depreciation
Allocation of facilities expenses
Net assets with donor restrictions
Auditors perform testing on sample selections of transactions.
Auditors provide management comments on financial statements.
Management provides response to auditor comments.
Responsible position(s):
Controller
Required documents and access:
Banner
Annually, July-August
Steps:
Generate system financial statements
Prepare supporting schedules for MD&A and footnotes.
Update report template
Edit footnotes
Review new accounting pronouncements with auditors
Review preliminary audit findings with responsible managers to draft responses
Review draft with CFO/President
Submit final draft to auditors
Provide management responses to any audit findings to be reported by the auditors in the letter to those charged with governance or Single Audit