Managing year end Farrah Kitabi and Vivien Ma

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 2

Initial questions • What challenges do you face with the year end audit? • Discuss and share! 3

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 4

Three key components • Planning • Resourcing • To do list 5

Planning • Establishing a timetable • Learning from experience • Planning with the auditors 6

Who else should be involved • Other departments within charity • • Trustees SMT Marketing/communications Fundraising Buildings/facilities HR/payroll Grants team Other budget holders 7

Who else should involved? • Third parties • • • Actuaries Payroll bureau Bankers Legal advisors Investment advisors Extra resource? 8

Engaging staff outside of finance • Basic finance training and updates with budget holders • Presenting annual report to staff • Having FAQs 9

Detailed task list • Do you already have a plan and how does it work? 10

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 • • • 11

Managing the audit and auditors 12

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 13

Contact • Farrah Kitabi Farrah. Kitabi@sayervincent. co. uk • Vivien Ma Vivien. Ma@sayervincent. co. uk • 0207 841 6360 14