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.
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.
CLOSE
Upon review and reconciliation of our club's accounting, the special committee gives permission for the books to be closed.