Month-end checklists
Institutions are accountable and responsible for completing month end close procedures and must ensure that each task is assigned to a staff member (preparer). Once the month end checklist is completed by the preparer(s), it must be reviewed and approved by someone other than the preparer(s), with the relevant delegated authority.
The template for the month end close checklist is available on the Finance Division forms webpage. Institutions may wish to add additional checks where relevant. With the approval of the Finance Business Partner or NSI finance managers, some of the tasks may be marked as not applicable. Justification that a particular task is not a requirement for a specific institution or school must be retained for audit purposes. A copy of the template must be saved to a local folder. Changes to the template will be notified via the Finance weekly bulletin.
On the checklist, each task has been assigned a frequency. This is defined as follows:
| Frequency | Meaning |
|---|---|
| Monthly required | An essential month end close task |
| Monthly best practice | Should be completed monthly but may be skipped occasionally. However, must be completed at least every 3 months |
| Quarterly | Must be completed at least every 3 months (i.e., Oct, Jan, Apr month ends) |
| Half-yearly | Must be completed at least every 6 months (i.e., Jan month end) |
Finance Business Partners and the NSI finance manager must obtain assurance from Institutions’ that their month end tasks are completed, and regularly carry out spot checks for completeness and compliance.
The checklist (spreadsheet) must be submitted to FBPs on or before the 7th working day (2 working days after GL close).
Medical Research Council units also have an additional checklist and framework for the MRC March year end.
Institutions must retain the completed checklists for a minimum of 12 months, plus the current year.
Latest version 21 December 2024