Administration Financial Compliance Checklist

Please carefully review each item as you go through the financial processes, documentation, and controls. Check each item accordingly to ensure thorough adherence to regulatory requirements and internal policies, maintaining financial integrity and transparency within the company.

Taxation

• Prepare and submit accurate tax returns on time.

• Ensure understanding and application of current tax laws.

• Account for tax deductions and credits appropriately.

• Maintain complete and audit-ready tax records.

• Perform periodic tax risk assessments to identify potential issues.

Budgeting

• Prepare an annual budget based on strategic planning.

• Compare actual performance with budgeted performance on a regular basis.

• Revise the budget upon material changes in the organization or economy.

• Ensure budgetary control by allocating resources properly.

• Devise an efficient system for budget planning and control.

Auditing

• Prepare an annual audit plan

• Complete all audit activities as per the plan.

• Document audit findings and share the report with relevant stakeholders.

• Ensure implementation of audit recommendations.

• Establish a system for regular internal audits.

Reporting and Financial Analysis

• Generate regular financial reports and statements.

• Conduct performance analysis against the set budget.

• Ensure accurate and timely reporting to stakeholders (Board, management, etc.).

• Analyze financial trends and predict future positions.

• Review and update financial forecast models regularly.

Internal Control

• Implement a well-documented financial policies and procedures.

• Ensure segregation of duties among staff.

• Perform timely reconciliation of accounts.

• Establish appropriate approval authorities.

• Identify and classify risks associated with access controls.

Risk Management

• Identify financial risks and establish a risk register.

• Develop risk mitigation strategies.

• Install a regular risk reporting and monitoring system.

• Provide periodic risk management training to staff.

• Ensure continuous improvements in risk management.

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