Gumala Aboriginal Corporation Month End Financials Board ...

Gumala Aboriginal Corporation
Month End Financials Board Reporting
TOPIC: Month End Financials Board Reporting
POLICY NO.:
TYPE OF POLICY: Support Services Division
POSITION RESPONSIBLE: Chief Financial Officer
APPROVED BY: GAC Board
1. Introduction
This policy provides guidelines for the Board month end reporting requirements for the Gumala Aboriginal
Corporation (“GAC”) to support timely, comprehensive and accurate financial reporting to Board meetings.
2. Definitions and Key Terms
GAC - incorporates Gumala Aboriginal Corporation and its controlled entities.
Month End Scheduled Close – the time frame given to complete month end financial reporting prior to the
closure of the general ledger. The current time frame for completion of month end financial reporting is
1.00pm on the 25th day in the following calendar month.
3. Scope
This policy applies to the Support Services Division, in particular Finance.
4. Purpose
The objective of the policy is to establish and communicate a standard set of Board financial reporting
requirements to ensure reporting is consistent and appropriate to enable the Directors of GAC to meet their
obligations and duties as Directors.
5. Policy
5.1
The next Board meeting following a Month End Scheduled Close, a set of financial reports must be
presented to the Directors and the Board.
5.2
It is the responsibility of the Chief Financial Officer to ensure these are presented at the following
Board Meeting and as a minimum they will comprise the following reports for the Corporation;
A Profit and Loss statement (year to date)
A Balance sheet
A Cashflow statement
Accounts Receivable overview of quantum and ageing
Accounts Payable overview of quantum and ageing
An Executive Summary – outlining issues identified within the above reports and other
information
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5.3
From time to time other reports will be included as informational reports to assist the Board or reports
provided at the request of the Board or a Board committee. An example of this could be employee
information reports regarding remuneration scales, turnover, ethnicity or ageing.
5.4
The Board may determine that such other reports are to be provided on an annual, quarterly or monthly
basis.
6. Procedure
6.1 Monthly Reporting
The reports outlined in 5.2 must be prepared monthly and presented to the Board and Audit and Risk
Committee.
Detailed information regarding payments, reconciliations and documents pertaining to the financials e.g
bank statements are not presented to the Board. It is the role of the Internal Auditor to ensure the
processes are in place such that the financials can be relied upon to present a true and fair view of the
Corporation’s affairs. If internal controls and proper procedures are not followed the Internal or External
Auditors will report this by way of reports to a combination of management, the Audit and Risk
Committee and/or the Board.
6.2 Management Representation Letter
The management of GAC will provide a Management Representation letter annually attesting to the
accuracy of the financial statements prepared and provided.
7. References
Nil
8. Related Documents
Month End / Year End Accounting Reconciliations Policy
9. Review History
Date: Reviewed by: Amendments/Review
May 2012 S Scarrott - Chief Financial Officer First Issue
Approved by CEO Steve Mav
Date: 16.05.12
10. Next Review
Date:
October 2014
Position Responsible:
Chief Financial Officer
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