Quarterly Variance Reporting Workflow Annotation Requirements
The following actions are required each quarter.
FY Q1 - Finance
Review of financial results required by finance.
- AD/COO reviews report
- workflow annotations indicate "Reviewed"
FY Q2 - BIA
S&U variance analysis required by BIA
- AD/COO reviews report
- workflow annotations address significant variances
FY Q3 - Finance
Review of financial results required by finance.
- AD/COO reviews report
- workflow annotations indicate "Reviewed"
FY Q4 - BIA
S&U variance analysis required by BIA
- AD/COO reviews report
- workflow annotations address significant variances
S&U Variance Analysis (Q2 & Q4) Annotation Expectations and Guidelines
- Annotations should provide context behind significant variances, rather than simply restating data from the report.
- Focus explanations at the financial department level C or fund group level, unless a specific sub-department or fund is driving the variance.
- Where relevant, include actions the unit has taken or plans to take in response to the variance.
- Aim for high-level insights that highlight patterns, trends and key assumptions.