Monthly Policy Review Checklist for Accounting & Finance
A checklist for reviewing and updating business policies and procedures on a monthly basis to ensure they remain current, compliant, and fit for purpose.
Built with ASIC regulatory requirements, AML/CTF compliance, Tax Practitioners Board obligations, and APES standards in mind.
Complete Checklist
- 1Select the policies due for review based on the annual review schedule
- 2Check for any changes to relevant legislation or regulations since the last reviewCritical
- 3Review any industry updates or best practice changes that affect your policies
- 4Assess whether each policy is still relevant to current business operations
- 5Identify any gaps in policy coverage based on new activities or risks
- 6Review incident reports, complaints, or near-misses that may indicate policy weaknesses
- 7Gather feedback from staff on policy clarity and practical application
- 8Update policy documents with any required changes or improvementsCritical
- 9Ensure updated policies are approved by the appropriate authority
- 10Communicate policy changes to all affected staffCritical
- 11Update the staff handbook or policy manual with revised documents
- 12Schedule any training required to support policy changes
- 13Archive superseded versions of policies for record-keeping
- 14Update the policy register with review dates and next review due dates
Frequently Asked Questions
What happens if a policy is found to be non-compliant with current legislation?
Update the policy immediately to achieve compliance and seek legal advice if the implications are significant. Assess whether any actions taken under the non-compliant policy have created risk or liability. Communicate the change to all affected staff urgently and implement any corrective measures needed to address past non-compliance.
Which business policies should be reviewed most frequently?
Policies in areas subject to frequent regulatory change should be reviewed more often. This typically includes WHS, privacy, employment conditions, and financial compliance policies. Operational policies should be reviewed whenever the business introduces new processes or significant changes. At minimum, all policies should be reviewed annually, with critical policies reviewed quarterly.
How do we ensure staff are aware of policy changes?
Communicate changes through multiple channels: email, team meetings, notice boards, and the staff portal. For significant changes, conduct a briefing or training session. Require staff to acknowledge receipt of updated policies, ideally through a digital sign-off. Include policy updates as a standing item in team meetings to maintain awareness.
Need help implementing these checks into your daily operations?
Our team can build custom checklists integrated into your daily operations workflow.