The NSW Treasury has issued a Direction setting out the Early Close Procedures policy and guidelines for the coming year-end financial statements.
In Treasury’s TPP 21-01 Policy and Guidelines Paper Agency Direction for the 2020-21 Mandatory Early Close, Chief Financial and Operations Officer, Stewart Walters says the Early Close Procedures were introduced to both facilitate earlier completion and improve the quality of year-end financial statements.
“Agency and Audit Office feedback indicates Early Close Procedures have assisted in ensuring a smoother year-end process and more effective resolution of issues,” Mr Walters said.
“The focus going forward will remain on early identification of emerging issues and reducing misstatements and the underlying causes,” he said.
Mr Walters said the Policy Paper should be read in conjunction with the Treasurer’s Direction TD19-02 Mandatory Early Close as at 31 March each year which applies to entities listed in Appendix A that are Government Sector Finance agencies and to the accountable authorities for those agencies.
He said the TPP provided additional directions to Agencies relating to Early Close Procedures and defined the minimum requirement for them.
Treasury’s 29-page Policy and Guidelines Paper can be accessed at this PS News link and the Treasurer’s eight-page Direction at this link.
