RC FO Shortlist

Introduction

As part of the fiscal year-end closing process, UCO has compiled a list of suggested priority procedures that should be completed prior to year-end. Many of these items will assist units during the financial statement audit. The list below is ordered by priority (i.e. 1st is the most critical). Contact University Accounting and Reporting Services (UARS) with any questions on the procedures listed. Most items listed below are already incorporated in the year-end closing checklist.


RC Fiscal Officer Shortlist

  1. Review the Fiscal Officer and the Internal Controls policies to ensure compliance at fiscal year-end.
  2. Review all system access controls (e.g. KFS roles). Confirm all account supervisors, managers and fiscal officers are accurate and appropriate.
  3. Ensure all transactions recorded during the fiscal year are substantiated.
  4. Explain any large variances between current year and prior year balances. For additional information on materiality, refer to the FY21 Year-End Closing Checklist.
  5. Complete Balance Sheet substantiation by financial object level.
  6. Review and update the unit’s internal controls documentation.
    1. As stipulated by IU’s internal controls policy, individual units are required to create and monitor controls over their financial process. At the UA level, micro-narratives are stored for reference purposes.


Cross References

FIN-ACC-470 Internal Controls
FIN-ACC-1 Role of Fiscal Officer, Account Manager and Account Supervisor
IU Accounting Standards Book – Balance Sheet Substantiation
IU Accounting Standards Book -- Year-End Closing Checklist