Month-End Close
Close calendar, account reconciliations, flux analysis, and sub-ledger tie-outs.
Sub-Process Score
88/ 100
Strong22/22 responses received
Control Objectives (2)
FR-CL-01
COSO P10COSO P16ICFR.CLOSE.01IIA IV.9.2
All balance sheet accounts are reconciled monthly and reviewed by a qualified second person.
Risk: Unreconciled accounts may contain undetected errors or fraud.
Assessment Questions (4)
- 01A documented close calendar exists and is published monthly.
- 02Every balance sheet account has an assigned preparer and reviewer.
- 03Reconciling items older than 30 days are investigated and dispositioned.Document
- 04Reconciliation quality is sampled and rated by the Controller.
FR-CL-02
COSO P16ICFR.CLOSE.02IIA IV.9.3
Flux (variance) analysis is performed on material P&L accounts.
Risk: Unexplained variances may signal misstatement or control failure.
Assessment Questions (3)
- 01Material variance thresholds are documented (e.g. >5% AND >$50K).
- 02Variances exceeding threshold have written explanations.
- 03Flux review is signed off by the CFO or delegate.