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Financial Statements

Balance Sheet

Review the accuracy of all account balances.

Ensure proper classification of assets, liabilities, and equity.

Verify that the balance sheet balances.

Income Statement

Review revenue and expense accounts for accuracy.

Confirm proper classification of revenues and expenses.

Analyze gross profit and net income figures.

Statement of Cash Flows

Verify the accuracy of cash inflow and outflow figures.

Review the operating, investing, and financing activities.

Confirm the reconciliation of the ending cash balance.

Statement of Retained Earnings

Review the changes in retained earnings during the period.

Verify the accuracy of dividend distributions and net income figures.

Confirm the opening and closing retained earnings balances.

General Ledger and Journal Entries

General Ledger

Review the accuracy and completeness of all general ledger accounts.

Confirm proper posting and classification of transactions.

Journal Entries

Review all journal entries for accuracy and supporting documentation.

Ensure proper recording of adjusting and closing entries.

Verify the appropriate approval and authorization of journal entries.

Accounts Receivable and Payable

Accounts Receivable

Review aging reports and confirm outstanding balances.

Verify the accuracy of bad debt allowances and write-offs.

Confirm the reconciliation of accounts receivable sub-ledger to the general ledger.

Accounts Payable

Review aging reports and confirm outstanding balances.

Verify the accuracy of vendor invoices and payment terms.

Confirm the reconciliation of accounts payable sub-ledger to the general ledger.

Inventory and Cost of Goods Sold

Inventory

Review physical inventory counts and compare to records.

Confirm the accuracy of inventory valuation methods.

Verify the reconciliation of inventory balances with the general ledger.

Cost of Goods Sold

Review cost allocation methods and calculations.

Confirm the accuracy of cost of goods sold figures.

Verify the reconciliation of cost of goods sold with the general ledger.

Fixed Assets and Depreciation

Fixed Asset Register

Review and update the fixed asset register.

Confirm accurate recording of acquisitions and disposals.

Verify the reconciliation of fixed asset balances with the general ledger.

Depreciation

Review depreciation methods and calculations.

Confirm the accuracy of depreciation expense figures.

Verify the reconciliation of accumulated depreciation with the general ledger.

Payroll and Employee Benefits

Payroll

Review payroll reports and confirm accurate processing.

Verify proper deductions for taxes and benefits.

Confirm the reconciliation of payroll expenses with the general ledger.

Employee Benefits

Review employee benefit plans and contributions.

Verify proper recording of benefit expenses.

Confirm the reconciliation of benefit expenses with the general ledger.

Financial Analysis and Ratios

Financial Ratios

Calculate and analyze key financial ratios such as liquidity and profitability ratios.

Compare ratios to industry benchmarks or historical data.

Identify areas of concern or improvement based on ratio analysis.

Financial Analysis

Perform variance analysis to compare actual results to budgeted or forecasted figures.

Analyze trends and patterns in financial data.

Prepare financial reports and presentations for management or stakeholders.

Compliance and Documentation

Compliance

Review financial statements for compliance with accounting standards and regulations.

Confirm adherence to tax laws and reporting requirements.

Ensure proper documentation and retention of financial records.

Documentation

Review and update accounting policies and procedures.

Document internal controls and segregation of duties.

Maintain supporting documentation for journal entries and financial transactions.

Note: This checklist is a general guide and may vary depending on the specific requirements and industry of the accounting organization.

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