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REVIEW
At the fiscal year end, a special committee is set up to go over the accounts to ensure correct reporting. This review is an important and necessary requirement for our club.
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RECONCILE
During review of the club's accounts, the special committee must make sure that all figures are reconciled, to be ready to close the books for that year.
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CLOSE
Upon review and reconciliation of our club's accounting, the special committee gives permission for the books to be closed.