The work at this point in a PRINCE2 project is done by the Project Manager towards the end of the last stage to prepare for the Project Board meeting which confirms closure.
Key: Double-check everything’s done, including any final testing.
Decision at the end: Is everything done and can you close the project?
Check everything is complete or, in the case of premature close, that as much as possible has been salvaged from the project to minimise wastage
Consider work needed in the organisation after the project (Follow-on Actions) including Post Project Review to measure benefits delivery
Report on the project, giving final cost, time, and quality information and commenting on the achievement of objectives
Consider and pass on the lessons learned (good and bad) from this project
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Source:http://www.dummies.com/how-to/content/prince2-project-management-project-closure.html
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