× Tip of the Month

Start the New Fiscal Year Strong

A new fiscal year provides an opportunity to review your processes, strengthen internal controls, and ensure your organization is prepared to meet compliance requirements.

Prepare for the New Fiscal Year

• Review Policies & Procedures: Ensure policies and procedures are current and reflect applicable regulations and organizational changes.
• Review Internal Controls: Evaluate existing controls and identify opportunities to strengthen accountability and prevent errors or misuse of public resources.
• Assess Compliance Risks: Identify potential risks and establish appropriate strategies to address them.
• Review Staff Responsibilities: Make sure employees understand their roles, responsibilities, and compliance requirements.
• Plan Monitoring Activities: Establish schedules for monitoring, reporting, and internal reviews throughout the fiscal year.

Remember: Strong preparation at the beginning of the fiscal year helps establish accountability, transparency, and effective stewardship of public resources throughout the year.