Checklist DB
[1-1] Responsibilities for general ledger maintenance are separate from those of subsidiary ledger control.[1-2] Journal entry preparation is segregated from the approval function.[1-3] Custody of assets is distinct from accounting responsibilities.[1-4] Different personnel are assigned to review and approve financial reports from those preparing them.[1-5] In electronic processing environments, separation of duties is maintained through system access controls.[2-1] Written procedures ensure that only authorized personnel can modify accounting principles or policies.[2-2] A formal organization chart defines reporting lines and responsibilities, ensuring clarity in accounting functions.[2-3] The principal accounting employee oversees accounting records at all locations.[2-4] Regular reconciliations of the general ledger with subsidiary ledgers and other records ensure accuracy.[2-5] Source documents (e.g., invoices, contracts) are maintained to provide an audit trail.[2-6] The usefulness and reliability of internal financial reports are regularly evaluated.[2-7] All journal entries are reviewed, approved, and documented with adequate descriptions or supporting documents.[3-1] Monthly and quarterly reconciliations of accounts are conducted to ensure the accuracy of balances.[3-2] Regular reviews of key estimates (e.g., reserves, allowances) are performed to ensure they reflect current conditions.
[4-1] Procedures for period-end closing ensure that all relevant transactions are recorded within the reporting period.
[4-2] A formal closing schedule is followed to ensure timely and orderly closing of accounts.
[4-3] Valuation reserves and key estimates are reviewed and approved during the closing process.
[1-1] Final review and approval of financial reports are separated from the responsibility for their preparation.
[1-2] The preparation and approval of adjusting journal entries are performed by different individuals.[1-3] Personnel responsible for closing accounts are independent of those preparing financial statements.[2-2] Financial reports are reviewed and approved by appropriate levels of management before being publicly released.[2-1] All journal entries are reviewed and approved by authorized individuals and supported by adequate documentation.[2-3] Management regularly reviews estimates and adjustments (e.g., allowances, reserves) to ensure they are accurate and reasonable.[3-1] Procedures are in place for the orderly and accurate accumulation of financial data from various departments or entities.[3-2] Financial data received from departments is reconciled and reviewed before inclusion in combined or consolidated reports.[4-1] Financial statements and reports are prepared in compliance with applicable accounting standards (e.g., GAAP, IFRS) and regulatory requirements.[4-2] Disclosure controls ensure that all required information is included in reports submitted to regulatory bodies and the public.[4-3] Periodic filings (e.g., quarterly, annual) are completed on time, and any deviations from the filing schedule are addressed promptly.[5-1] Procedures ensure that financial reports are prepared consistently across reporting periods.[5-2] Financial statements are reconciled with underlying accounting records to ensure accuracy and completeness.
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