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Financial Reporting checklist
General Ledger and Trial Balance
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
Income Statement
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
Balance Sheet
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
Cash Flow Statement
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
Notes to Financial Statements
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
Compliance and Disclosures
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
