1. Farrah Kitabi and Vivien Ma September 2016
Managing year end
Farrah Kitabi and Vivien Ma
September 2016
FK to intro session
FK profile
PD profile

2. Aims for session Action plan for year end accounts preparation
Advice on smooth year end process
How to manage your auditors
PD - Ask for intros . FK - Practical guidance on how to manage the year end and the audit –we will provide you with an action plan and key tips from our own experience that might help you. We want it to interactive, so please do share and experiences with us and the rest of the group.

3. Initial questions What challenges do you face with the year end audit?
Discuss and share!
FK – to open out question for discussion to groups for 10 mins
FK and PD to start with their one key challenge and then others to say who they are and what their key challenge
FK to say not delegating enough
PD - to talk about an experience a client has faced?
Then get feedback from the audience – PD to write on flipcharts FK to say that we will come back to these at the end to see if fulfilled.

4. 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
flipchart.

5. Three key components Planning Resourcing To do list
FK to talk about this

6. Planning Establishing a timetable Learning from experience
Planning with the auditors
PD – to talk through how to put together an overall timetable – What are the key dates that drive the process? Throw question out to audience Ask them to come up with stages/deadlines and then think about timing – draw up a list and timeline on
FK to build up audience’s suggestions on flipchart
PD to ask what order things should be in
FK to talk about learning from experience and from other colleagues/talking to the auditors
Learning from experience interim – No interim fist year and then very time pressured unnecessarily, worked it in for second year
Planning with the auditors - Dev Co
FK to share some insights
Having more input into timetable
Work through audit doc list with auditors at planning meeting
FK to look back at challenges and see what has been addressed in this section

7. Who else should be involved
Other departments within charity
Trustees
SMT
Marketing/communications
Fundraising
Buildings/facilities
HR/payroll
Grants team
Other budget holders
FK to ask who else needs to be involved and why - discuss for 5 mins and then feedback in 10 mins
FK to mention info needed from other budget holders – accruals etc – catch all to all staff

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

9. Engaging staff outside of finance
Basic finance training and updates with budget holders
Presenting annual report to staff
Having FAQs
FK to cover this off
FK to share experiences
FK – to summarise how these have been covered and FK and MB to share experiences on how to engage other staff e.g.- training sessions ,other training throughout the year, showing an interest in their area attending meetings
FK – FAQs, annual report sessions, feedback with staff
What are your experiences with those outside of finance
BREAK 15 mins

10. Detailed task list Do you already have a plan and how does it work?
FK to talk through -
Key to success is being organised – work through detailed task list and how this is built up.
What other things to think about for your charity:
Branch returns
Overseas maybe?
Commercial sales

11. 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
FK to say that we have covered project management, of which the key components are:
Planning
Resourcing
Task list
So we have put together a list of our key things to think about under each area, so have a read through - 5 mins
This is a summary of our key tips from this document.

12. Managing the audit and auditors
PD to talk through:
Try and have one point of contact to funnel queries through
Be honest on where you are with audit/accounts – help you manage fees
Don’t be afraid to tell the auditors want to work e.g. summaries each day, face to face catch ups
No surprises – inform the auditors of key issues, problems throughout the year
Add your relevant planning issues to the meeting agenda
Go through books and records list
Timing of audit test
Be clear on deadline and try and keep to them
Make sure other staff are available during audit weeks
Feel free to question and understand audit procedures – e.g. Farrah to mention FA example
Any other ideas for better ways of working with auditors

13. 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
FK to talk about original agenda and talk through what audience noted from expectations at the start

14. Contact Farrah Kitabi Farrah.Kitabi@sayervincent.co.uk Vivien Ma