Workflow Templates: Financial Reporting checklist

Financial Reporting checklist

Review the trial balance for unusual balances or fluctuations

Ensure all general ledger accounts are properly reconciled to subsidiary ledgers or supporting documentation

Verify that the closing entries have been made and the new fiscal year has started with zero income and expense balances

Check that all revenue and expense accounts are correctly classified and all transactions are recorded in the correct period

Review gross profit margins for consistency or investigate significant variances

Ensure that unusual or non-recurring transactions are properly disclosed

Confirm that all balance sheet accounts reflect the correct balances as per the trial balance

Reconcile bank statements to the cash account and investigate any reconciling items

Review fixed assets and accumulated depreciation for proper recording of new assets and disposals

Verify the accuracy of the operating, investing, and financing activities

Ensure that the cash flow statement reconciles with the changes in cash and cash equivalents on the balance sheet

Review the non-cash investing and financing activities for completeness and accuracy

Check that all significant accounting policies are clearly described and consistently applied

Ensure that all required disclosures, such as contingent liabilities and commitments, are complete and accurate

Review subsequent events notes for any material events occurring after the balance sheet date

Confirm compliance with relevant accounting standards and legal requirements

Verify that all required statutory and regulatory filings are complete and ready for submission

Ensure that related party transactions are properly disclosed and in accordance with the accounting policies