Cardiff and Vale NHS University Health Board
In order to prepare accurate and complete financial statements the UHB have implemented a detailed annual year end timetable and accompanying guidance which is issued to all key staff involved in the UHB's financial statements closedown process.
Summary of the initiative
Cardiff and Vale NHS University Local Health Board (UHB) is a large and complex organisation which operates at a number of locations within South Wales. In order to prepare accurate and complete financial statements the UHB have implemented a detailed annual year end timetable and accompanying guidance which is issued to all key staff involved in the UHB's financial statements closedown process.
The timetable and guidance is issued to ensure that preparation of all areas of the financial statements are completed on time and contain all the required information. The senior management of the UHB buy into this process and realise the importance of preparing accurate and timely financial accounts in order to contribute to the UHB's overall financial reporting and governance agenda.
Whilst the UHB has financial monitoring procedures in place during the financial year, the year-end financial closedown process also assists the UHB in meeting its annual financial targets by ensuring the information submitted to audit is complete and has been reviewed by senior UHB staff prior to the audit commencing.
As a result of preparing detailed financial year end closedown procedures, the UHB has achieved a number of benefits from this process including:
The outcome achieved
The UHB has achieved successful outcomes as a result of implementing the detailed year end closedown process. The main highlights are listed below:
Contact Name: Richard Hutton
Contact Role: Director of Finance (Financial Accounting)
Contact Email: Richard.Hurton@wales.nhs.uk