Audit intermediate Works with: Any AI

Xero Month-End Close Review Checklist Audit

Table output Has example

• 💼 Xero

Review a Xero month-end close checklist to confirm the monthly close was complete, consistent and ready for review.

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Review a month-end close in Xero. Checklist items with the date completed and who did them: [CLOSE_CHECKLIST]. Reconciliation status of each account: [RECONCILIATION_STATUS]. Differences found after the close: [LATE_ADJUSTMENTS]. Lock date practice: [LOCK_DATE_PRACTICE].

Separate timing problems from accuracy problems. Table with Step, Planned day, Actual day, Evidence and Issue. Check whether every step was done in order, whether accounts were reconciled to statements dated at month end, whether sales tax or VAT and payroll accounts were reviewed, and whether the period was locked. Calculate steps completed on time and the days between planned and actual close (example: 14 steps, 10 on time is 71 percent; close planned for day 5, actual day 8). List each adjustment after the close with date, amount and cause, and total the absolute amounts (6 adjustments totalling 3,450); group causes (late bills, missed accrual, bank item found later, error) with counts and values.

Recommend cut-off rules, a standard accrual list, a deadline for supplier invoices, and sign-off by someone other than the preparer. Revised close calendar: day 1 bank and card reconciliations, day 2 accruals and prepayments, day 3 payroll and tax account reviews, day 4 management review, day 5 lock and send the report; target for next month no more than two adjustments and under 500 in total; 30-minute month-end review with three questions about unusual movements. General education only, with no tax, legal or accounting opinion; local rules vary, so note what a qualified bookkeeper should confirm [VERIFY].

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Invented audit. Steps 14; done on time 10 (71 percent). Close planned for day 5, actual day 8 (3 days late). Adjustments after close: 6, total absolute value 3,450 (largest 1,800, a missed accrual). Causes: late supplier bills 3, bank item found late 2, error 1. Next month's target: no more than 2 adjustments and under 500 in total. Revised checklist: cut-off for supplier invoices on day 2, standard accrual list, sign-off by someone other than the preparer. The audit is repeated next month, and the number of late adjustments and their value are compared with this month's six and 3,450.

• xero