Financial Statement Review Checklist ( FINANCE )

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.

• Collect Financial Statements

  Gather all financial statements including balance sheets, income statements, and cash flow statements from relevant departments.

• Verify Data Accuracy

  Cross-check the figures in the financial statements against the source documents to ensure accuracy.

• Check Compliance with Standards

  Ensure that the financial statements comply with the relevant accounting standards (GAAP or IFRS) and regulatory requirements.

• Review for Completeness

  Confirm that all necessary financial documents are included and that there are no missing statements.

• Analyze Key Ratios

  Calculate and review key financial ratios (liquidity, profitability, and solvency ratios) for insights into company performance.

• Consult with Internal Auditors

  Engage with internal auditors for their insights and recommendations regarding the financial statements.

• Prepare Review Notes

  Compile notes on findings and observations that need to be addressed or clarified during the review process.

• Finalize Financial Statements

  Incorporate any adjustments or corrections needed based on the review process before finalizing the financial statements.

• Obtain Approval

  Ensure that the finalized financial statements are reviewed and approved by the appropriate authorities (e.g., CFO or Board of Directors).

• Distribute Financial Statements

  Send the approved financial statements to stakeholders, including investors, regulatory bodies, and internal teams.