This checklist is designed to ensure a thorough review of financial statements for accuracy, compliance, and completeness before final submission. It helps in identifying discrepancies and improving the quality of financial reporting.
Gather all financial statements including balance sheets, income statements, and cash flow statements from relevant departments.
Cross-check the figures in the financial statements against the source documents to ensure accuracy.
Ensure that the financial statements comply with the relevant accounting standards (GAAP or IFRS) and regulatory requirements.
Confirm that all necessary financial documents are included and that there are no missing statements.
Calculate and review key financial ratios (liquidity, profitability, and solvency ratios) for insights into company performance.
Engage with internal auditors for their insights and recommendations regarding the financial statements.
Compile notes on findings and observations that need to be addressed or clarified during the review process.
Incorporate any adjustments or corrections needed based on the review process before finalizing the financial statements.
Ensure that the finalized financial statements are reviewed and approved by the appropriate authorities (e.g., CFO or Board of Directors).
Send the approved financial statements to stakeholders, including investors, regulatory bodies, and internal teams.