Accounts Checklist by gef18220

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Accounts Checklist document sample

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									     Key Features of Robust
       Financial Control
   Financial duties - recap
   Best practice reporting
   Features of control environment
   Key control areas
   Some examples
   Managing Relationships
   Future Issues
                                      1
     Key Features of Robust
       Financial Control
   Trust Financial Duties – a Reminder of what we
    are trying to achieve financially
       I&E Break even year on year
       External Financing Limit – cash based control
       Capital Resourcing Limit – capital expenditure
       Capital Cost Absorption Rate – 3.5%
       Better Payment Practice Code – 30 days
   Longer term objective – Foundation trust status



                                                         2
    Audit Commission – Key
    Elements of Board report
   Analysis of current financial position
   Forecast Year end position
   Assessment of Risks
   Balance Sheet
   Analysis of debtors and creditors
   Cashflow and cashflow forecast
   Analysis of capital expenditure
   Staff Numbers
   Current and forecast of meeting key
    financial targets
                                             3
    What is a Robust Financial
      Control Environment
   Key features
       Accuracy of figures
       Accuracy of projections
       Timeliness of figures
       Early alert system and assessment of risks
       Embedded procedures
       Transparency of processes
       High Ale ratings
       Appropriately skilled and motivated finance team
       Ability to read and anticipate new developments
       Flexibility to respond to urgent demands
       Openness to change




                                                           4
          Key Control Areas
   Management of control accounts
   Management of cash
   Management of debtors and creditors
   Management of capital and fixed assets
   Internal financial procedures e.g. ordering
    controls, journals, SOs and SFIs
   Reporting of I & E
   Implementing best practice



                                                  5
               Examples
   Control accounts – checklist of completed
    reconciliations
   Capital – new asset register system, capital
    reporting hierarchy and monitoring
   Cashflow monitoring reports
   Debtor and creditor analysis ratios
   Cascading summary data
   Internal KPIs – setting and managing targets
   Embedding deadlines into processes
                                                   6
     Managing Relationships
   Internal
       Budget holders
       Clinicians
       Financial/Management accounting
       HR – establishment control
   External
       SHA
       Audit – external and internal
       NHS Shared Business Services
       Suppliers



                                          7
            Future Issues
   Trading Accounts
   Foundation Trust application and
    reporting standards
   Payment by results
   Prudential Borrowing Code
   New capital regime
   NHS SBS


                                       8

								
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