Governance Toolkit / Financial controls through technology change
Financial controls through technology change · Editable Word document · FreeERP Go-Live: Board Readiness Checklist (Word)
A board and audit committee checklist for the months before an ERP or finance-system cutover: controls, auditors, data, access, go / no-go criteria, rollback and the first close.
Version 1.0 · Last updated
What it is
A board and audit committee checklist for the months before an ERP or finance-system cutover: controls, auditors, data, access, go / no-go criteria, rollback and the first close. It is a plain Word file you can edit, brand and adapt. Drawn from Jacob James Kahn's work on Lockheed Martin's 1LMX program and Agilent Technologies' global SAP S/4HANA and CPQ implementation.
Who it's for
Chairs, audit committee chairs, board secretaries.
When to use it
Use it at the two or three board or audit committee meetings before an ERP or finance-system cutover, and once more after the first close on the new system. Use this checklist at the two or three board or audit committee meetings before go-live, and once more after the first close on the new system. Mark each item Yes, Partly or No. For every Partly or No, agree an owner and a date, and ask to see the evidence at the next meeting.
How to use it
- Work through each section before the meeting or event the checklist covers.
- Mark what is in place and assign an owner and date to anything that is not.
- Keep the completed checklist with the board's records and revisit it at the next review.
Preview of contents
- 1. Controls redesign: Management has listed every key control over financial reporting that the new system touches, and whether each is kept, changed, automated or…
- 2. External and internal auditors: The external auditors have reviewed the future-state control design, and their comments are tracked to closure.
- 3. Data conversion: Opening balances, open orders, customer and vendor records and fixed assets have reconciliation procedures with named sign-offs.
- 4. Access and segregation of duties: Roles in the new system were designed with segregation of duties, and remaining conflicts are listed with owners.
- 5. Go / no-go criteria: Written go-live criteria were agreed in advance: testing complete, defects below a set threshold, data reconciled, users trained and support in place.
- 6. Rollback and continuity: The cutover plan states what would trigger a rollback and the point after which rollback is no longer possible.
- 7. First close and hypercare: Management has set an expected timeline for the first close on the new system and the extra reviews that will run alongside…
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Review with counsel before adoption. Templates are general resources, not legal advice.