The 9-step Guide to Reduce a CFO’s year-end hassle

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• The 9-step Guide to Reduce a CFOs year-end hassle

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Content

• Appoint an audit coordinator
• Finalizing the draft of Annual Report well before
  the deadline
• Time your adjustments accordingly
• Calculating the added value in inventory
• Functional Fixed Asset Register

• Know the Importance of Internal Auditors
• Prompt Management Letters
• Derive more value from the Interim Audit
• Prevent Staff Burnout
• Conclusion
• Contact

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Appoint an audit coordinator

• The first and foremost step to ensure no lags in
  communication and timely delivery is to appoint
  an audit coordinator.
• The focussed role of the Audit Coordinator is to
  manage the whole audit process and coordinate
  both (interim and final) visits with the audit
  team and should not be assigned any other tasks.
• The person may not be particularly
  from Finance team but should be aware of the
  dynamics of the company. Usually, you may find
  the ideal person in the accounts payable team
  (PS, theyre more popular than the CFOs) or
  someone with strong interpersonal and management
  skills.

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Finalizing the draft of Annual Report well before
the deadline
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Time your adjustments accordingly

• Irrespective of however automated your processes
  are, every organization passes adjustment entries
  during the quarter and year-end. 
• While we understand its a hustle period and the
  accountants are in a hurry to reconcile balances,
  as a senior leader you must make sure that
  your finance team keeps a track of those
  adjustments i.e., the date, the nature and
  amount.
• This will make it easier for the auditors to
  trace those adjustments leading to minimal back
  and forth with the finance team.

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Calculating the added value in inventory

• It is advisable that stock count is done as a
  continuous process rather than just a periodic
  activity (i.e., quarter end or year-end).
• It is better to practice a Rolling stock
  count (throughout the year) and keep the books
  updated accordingly.
• One of the most time-consuming activities in an
  audit is to estimate the value of inventory. In
  the absence of a definite number, auditors tend
  to follow a conservative approach which may not
  always be a favourable position for the company.
• Which is why it is better to calculate the value
  addition at different stages of inventory
  (Work-in-progress, Finished goods) which could
  save hours of audit time.

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Functional Fixed Asset Register
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Know the Importance of Internal Auditors
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Prompt Management Letters
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Derive more value from the Interim Audit
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Prevent Staff Burnout
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Conclusion

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Contact

• Website https//contetra.com/diploma-in-ifrs-tra
  ining/
• Email ID Tejas.savla_at_contetra.com
• Phone No 9833818857