The Fast Close Toolkit

Addendum: Fast Close Tools and Additional Best Practices

CONTINGENCY PLANNING

Introduction: The concern of not being able to “close the books” and prepare fiscal results in the event of a disaster or system failure is a significant risk. Having a well-defined set of SOPs with clearly defined roles and responsibilities is a great starting point for a company's contingency planning process.

The business continuity plan is used by organizations of all sizes to detail how business will continue if a disaster or emergency occurs. The business continuity plan documents all business operational functions by department, company, employee, and supplier information, inventory, emergency procedures, and post-disaster plan.

The objective of disaster recovery and business continuity planning for computer systems and telecommunications is to ensure the continuance of the company's applications in the event of unanticipated computer processing disruptions such as operational failures or site disasters that destroy or prevent access to the computer or telecommunications equipment, data, and software.

When developing a business continuity plan for the fiscal close, the planning process should encompass the steps that are needed if a disruption in business or a disaster occurs. The plan should consider both the closing process and IT impacts.

The recovery plan is not intended to duplicate a normal business environment, but is intended to minimize the potential loss of assets, lessen the impact ...