Description

Early Close Procedures have been introduced to both facilitate earlier completion and improve the quality of year-end financial statements. Agency and Audit Office feedback indicates Early Close Procedures have assisted in ensuring a smoother year-end process and more effective resolution of issues. The focus going forward will remain on early identification of emerging issues and reducing misstatements and the underlying causes.

This Policy Paper:

• should be read in conjunction with the Treasurer’s Direction TD19-02 on Mandatory Early Close as at 31 March each year, as amended from time to time

• provides additional directions to Agencies relating to Early Close Procedures

• defines the minimum requirement for the Early Close Procedures

• describes a number of procedures to confirm that key controls over Agency balances are carried out and that there is early dialogue with the Audit Office on significant issues.