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[Firm Name] |
| Financial Statement Checklist |
| Client Name: |
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Period Ended: |
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The shaded areas do not need to be completed. |
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| Items to Review |
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Typist |
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Reviewer |
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Acctg |
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Compare 1st draft to 2nd draft page-by-page. Have all the changes been made? |
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| Firm policies |
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Was a typing transmittal page prepared? |
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Was a goldenrod prepared? |
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| Financial statement format |
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Are all borders properly aligned? |
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Do pages numbers correspond to table of contents? |
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Do the titles on the table of contents agree to the financial statements? |
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Do the titles in the report letter correspond to the financial statements? |
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If more than one year is presented, are all the statements referenced in the plural ( there is an "s")? |
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Does the report date = last day of fieldwork on transmittal? |
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Are the dates and headings consistent in wording and spacing on every page? |
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Are the footers appropriate based on the financial statements issued: |
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Audits - "See Independent Auditors' Report" |
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Comp and Review - financial statements "See Accountants' Review (compilation) Report" and "accompanying notes to the financial statements." |
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Are dates consistent throughout the document? |
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Do the columns align on every page? |
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Are their dollar signs at the top of every column and in every grand total? |
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Are all outlines properly aligned and formatted? |
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Are totals and subtotals underlined properly? |
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Are the notes in the standard format (letters, use of bolding, underlines, italics, etc.) |
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Are all changes written by the accounting department made? |
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Was a spell check performed? |
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Do all numbers foot and crossfoot? |
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Are the notes full justified throughout the document? |
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Are the notes alphabetized? |
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| Financial statement contents |
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Numbers in the notes agree to numbers in the financials: |
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Notes payable/lines of credit |
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Interest expense |
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Property and equipment or other assets (if there are notes) |
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Depreciation expense |
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Net income on the statement of cash flows = income statement |
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Assets = liabilities and equity |
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Are the supplemental disclosures of cash flow presented (interest, taxes paid, non-cash) |
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Is the partners, stockholders, members equity punctuated correctly throughout the document (If one owner- 's, multiple owners- s'; limited partnerships are always s' due to the limited and general partner) |
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Equity on the balance sheet = equity on the statement of ____ equity (both number and description) |
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On the report letter, is the entity type disclosed in parentheses after the client's name (i.e. a limited partnership, an s corporation, a corporation, or a limited liability company) |
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Based on this information, is the equity section explained correctly (partnership - partner's equity; corporation c or s - stockholder's equity; llc - member's equity) |
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Is the entity referred to as The Company throughout the notes to the financial statements? |
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If there is a loss or negative equity (deficit), are the statement titles changed to reflect this? |
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Do the financial always reference the period covered as a year if it is a year or a period if the term of the financials is anything other than a year? |
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