Financial Statement Adjustment Checklist ( FINANCE )

This checklist is designed to ensure that all necessary adjustments to financial statements are made accurately and consistently, in order to reflect the true financial position of the organization before final reporting.

• Review Preliminary Financial Statements

  Examine the initial financial statements for accuracy and completeness before adjustments are made.

• Identify Required Adjustments

  Determine which accounts need adjustments based on discrepancies, reconciliations, and accounting principles.

• Prepare Adjustment Entries

  Create journal entries for each identified adjustment, ensuring they comply with accounting standards.

• Obtain Approval for Adjustments

  Submit the adjustment entries for approval from the finance manager or relevant authority.

• Post Adjustment Entries

  Once approved, update the general ledger with the adjustment entries.

• Recalculate Financial Statements

  After adjustments are posted, recalculate the financial statements to ensure they reflect the new data.

• Review Adjusted Financial Statements

  Conduct a thorough review of the adjusted financial statements to ensure accuracy and consistency.

• Document the Adjustment Process

  Keep detailed records of the adjustments made, including reasons and supporting documentation for future reference.

• Finalize Financial Statements

  Prepare the final version of the financial statements for distribution and reporting.