Follow us @RM Salman APFA, CMA (F)
Checklist for Financial`s Closing Year – End: -
1. Have all revenue and expense accounts been properly
reconciled and classified?
2. Are there any outstanding invoices or bills that need to be
accounted for?
3. Have all bank accounts been reconciled and any discrepancies
addressed?
4. Are all fixed assets properly accounted for and have any
disposals or additions been recorded?
5. Have all depreciation and amortization expenses been
accurately calculated?
6. Are there any outstanding loans or debt that need to be
properly accounted for?
7. Have all payroll and employee benefits been accurately
recorded?
8. Has inventory been properly valued and any adjustments made
for obsolete or damaged items?
9. Are all prepaid expenses and accrued expenses properly
accounted for?
10. Have all investments and securities been properly classified and
their market values recorded?
11. Are there any outstanding customer refunds or credits that
need to be addressed?
12. Have all sales and use taxes been accurately calculated and
recorded?
13. Are all deferred revenue and deferred expenses properly
accounted for?
14. Have all intercompany transactions and balances been
accurately eliminated?
15. Are there any outstanding purchase orders or unpaid vendor
invoices?
16. Have all stock options, warrants, and other equity-based
compensation been properly recorded?
Follow us @RM Salman APFA, CMA (F)
17. Are there any outstanding capital expenditures or projects that
need to be accounted for?
18. Have all income tax provisions and liabilities been properly
calculated and recorded?
19. Are there any outstanding legal or regulatory issues that need
to be addressed?
20. Have all insurance policies and claims been properly
recorded and valued?
21. Are there any outstanding rebates or incentives that need to be
accounted for?
22. Have all bad debts or doubtful accounts been properly
accounted for?
23. Are there any outstanding customer deposits or liabilities?
24. Has the company complied with all relevant accounting
standards and principles?
25. Have all financial statements and reports been prepared
accurately and in accordance with regulatory requirements?
26. Are there any outstanding foreign exchange or currency
translation adjustments?
27. Have all intercompany loans and advances been properly
accounted for?
28. Are there any outstanding disputes or adjustments with
vendors or customers?
29. Have all capital leases and operating leases been properly
recorded and valued?
30. Are there any outstanding contingencies or liabilities that
need to be addressed?
31. Have all non-operating income and expenses been properly
accounted for?
32. Are there any outstanding research and development
expenses or grants to be recorded?
33. Have all goodwill and intangible assets been properly valued
and tested for impairment?
34. Are there any outstanding pension or retirement benefit
obligations?
Follow us @RM Salman APFA, CMA (F)
35. Have all revenue recognition policies and procedures been
properly applied?
36. Are there any outstanding stock repurchases or dividends to
be recorded?
37. Have all equity transactions and changes been accurately
recorded?
38. Are there any outstanding errors or misstatements that need
to be corrected?
39. Have all subsidiaries and joint ventures been properly
consolidated or accounted for?
40. Are there any outstanding accruals or provisions that need to
be recorded?
41. Have all non-controlling interests and minority interests been
properly accounted for?
42. Are there any outstanding stock splits or reverse stock splits
to be recorded?
43. Have all non-recurring or extraordinary items been properly
disclosed and explained?
44. Are there any outstanding lease obligations or rental
contracts to be recorded?
45. Have all sales returns and allowances been properly recorded
and valued?
46. Are there any outstanding warranties or customer service
obligations to be recorded?
47. Have all government grants or subsidies been properly
recorded and accounted for?
48. Are there any outstanding changes in accounting policies or
estimates to be disclosed?
49. Have all cash and cash equivalents been properly reconciled
and any discrepancies addressed?
50. Are there any outstanding related party transactions or
disclosures to be recorded?
