Centralized Review Fortifies the Foundation, Marks a New Milestone in Year-End Closing—The Group (Bureau) Organizes a Centralized Review of the 2021 Financial Final Accounts.
Release date:
2022-02-28 10:58
Source:
To ensure the thorough completion of the 2021 financial closing and the accuracy, completeness, and reliability of all data in the financial closing report, from February 18 to 24, the Group (Bureau) Asset and Finance Department assembled a review team comprising key financial personnel from Beijing–Zhuozhou units and selected other units to conduct a centralized review of the 2021 financial closing. Chen Haiyong, Member of the Party Committee and Chief Accountant of the Group (Bureau), attended the meeting to hear reports on each unit’s financial closing efforts and provided guidance on the Group’s (Bureau’s) annual financial closing process.
To implement epidemic prevention and control policies, this financial closing review was conducted using a “virtual breakout‑group review combined with report presentations” format. Each directly affiliated unit’s closing‑account report was reviewed via one‑on‑one video conferencing. The review teams maintained real‑time online communication, promptly compiled issue lists, and provided immediate feedback, significantly enhancing the efficiency of the closing‑account process.
With regard to this year’s final accounting work, Chen Haiyong put forward the following guiding instructions: First, all units must fully recognize the significance of the annual financial closing; attach great importance to the preparation of financial closing reports; and meticulously complete the closing forms and prepare the accompanying explanatory notes. Second, for items showing unusual changes in the financial statements, conduct a thorough analysis and ensure accurate reporting to reflect the true situation. Third, for less‑frequently used line items, carefully study the relevant standards and base entries on factual evidence, exercising prudent judgment to ensure proper application of accounting standards. Fourth, for significant financial matters, obtain a comprehensive understanding, perform precise accounting, and submit reports in compliance with established procedures; moreover, provide full and detailed disclosure of such matters in the special financial notes and footnotes. Fifth, rigorously implement newly adopted standards, such as the revenue standard and the leasing standard, ensuring that the closing reports accurately reflect these changes. Sixth, for adjustments to opening balances arising from audits by the National Audit Office, changes in accounting policies, or the implementation of new standards, conduct repeated reviews to guarantee the accuracy of data adjustments and the correct completion of report items. Seventh, the financial closing must achieve consistency between books and reports, ensure proper accounting treatment, maintain data accuracy, present reports in accordance with prescribed formats, and establish complete inter‑statement reconciliations; no omissions or errors in reporting are permitted. Eighth, address promptly any issues identified in the financial closing and audit findings, continuously enhancing financial management and closing‑reporting capabilities. Ninth, promptly report to the responsible supervisors any major issues uncovered during the closing process, as well as any management shortcomings revealed by the closing, and take timely measures to resolve them.
The 2021 financial closing was the first such exercise conducted after the implementation of new accounting standards, significant changes to accounting policies, and initial‑balance adjustments mandated by the National Audit Office. Prior to the review, the Group (Bureau) Asset and Finance Department meticulously drafted the review plan, defined the review procedures, specified the detailed scope of work, and appropriately allocated resources across the review teams, thereby ensuring the efficient execution of the review process. Following two rounds of round‑the‑clock efforts by the two review teams, all assigned tasks were completed ahead of schedule.
The conduct of this centralized review of final accounts has laid a solid foundation for the Group (Bureau)’s 2021 financial closing, provided a robust financial underpinning for the successful conclusion of all 2021 tasks, and furnished reliable financial evidence to support the annual performance appraisal process.
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