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financial reporting checklist
Preparation of Financial Statements
Gather and verify all financial data from relevant departments
Ensure all accounting entries are recorded and reconciled
Review compliance with relevant accounting standards
Prepare draft financial statements including balance sheet, income statement, and cash flow statement
Conduct preliminary review of draft statements for accuracy and completeness
Regulatory Compliance
Review adherence to financial regulations specific to the insurance industry
Ensure timely submission of regulatory reports
Verify accuracy and completeness of statutory filings
Check for updates in regulatory requirements and incorporate changes
Coordinate with legal and compliance teams for any issues
Internal Audit and Review
Schedule and conduct internal audits of financial processes
Identify and document any discrepancies or irregularities
Review internal controls and suggest improvements
Ensure corrective actions are implemented for identified issues
Prepare audit reports and present findings to management
Financial Analysis and Forecasting
Analyze financial data to identify trends and variances
Prepare financial forecasts and budgets
Conduct scenario analysis to assess financial impact of potential events
Review investment and portfolio performance
Provide insights and recommendations to management based on analysis
Stakeholder Reporting
Prepare financial reports for stakeholders including investors and board members
Ensure reports are clear, accurate, and timely
Include narrative explanations of financial performance
Coordinate with investor relations for report dissemination
Gather feedback from stakeholders and incorporate improvements
