Value Proposition: A final review checklist that closes the “approval gates” before issuing the statements: Adjusted TB + Reconciliations + JE Log + Notes/Disclosures → Quality Checks + Tie-outs → Sign-off Matrix → Closing Pack (Final) instead of approving a version and then encountering discrepancies/comments after submission.

In 20 Seconds: What Will You Get?

• Final Review Checklist distributed across areas: TB/JE/Reconciliations/FS/Notes/Disclosures/Pack.
• Sign-off Matrix: Who reviews what? Who approves? And on what date and version (Version/Date).
• Tie-out Sheets: Quick tie-out tests between the statements and Adjusted TB and between Notes and the statements.
• Disclosure Gate: Checkpoints for disclosures (completeness/application/consistency of numbers/references).
• JE Log Gate: Checkpoints for the final entries (Support/Approval/Posting/Reversals).
• Exceptions Log: A clear exceptions record (What is not closed? Why? And who approved the exception?).
• Final Pack Index: Index for the final delivery pack (FS + Notes + TB + Schedules + Evidence).

CTA linked to deliverables: Receive Final Review Checklist + Sign-off Matrix to close the approval on the Closing Pack (Final) linked to Adjusted TB.

Suitable For

• Financial Controller who wants to approve the statements on a single “closed” version with a signature and exceptions record.
• Head of Accounting who needs a final gate to prevent the issuance of statements before closing reconciliations and critical entries.
• Reporting Manager coordinating FS/Notes/Disclosures and needs tie-outs and a ready-to-deliver pack.

Not Suitable For

• Those without a final Adjusted TB or a complete JE Log — the checklist relies on the existence of closing outputs.
• Those looking for an “external auditor checklist” as a substitute for audit procedures (this is an internal governance product before approval).

Without the checklist / With the checklist (Quick Comparison)

Before Use: 5 Symptoms Before Approving Financial Statements

• Statements are sent to management/auditors and then late entries appear that change the numbers.
• Reconciliations are “complete” but without a clear tie-out with GL or without organized attachments.
• JE Log contains entries without support/approval or it is unclear if they have actually been posted.
• Disclosures have numbering/reference errors or numbers do not match the statements.
• There is no defined “Final Pack” file; each time the delivery is different.

Reviewing Statements Before Approval: Implementation Method (3 Steps Without Gaps)

Step 1: Freeze Inputs (Pre-Final Freeze)

• Freeze the Adjusted TB (Version/Date) and set the “Cut-off” for the last entries.
• Compile the final JE Log + identify sensitive entries (Top-side/Manual/Closing entries).
• Compile Reconciliations for control accounts (Bank/AR/AP/Payroll/FA… as per your scope) with their attachments.

Step 2: Quality Checks (TB/FS/Notes/Disclosures)

• Run Tie-outs: FS ↔ Adjusted TB + Notes ↔ FS + any rollforward schedules ↔ Schedules.
• Check JE Log: Support/Approval/Posting/Reversals + alignment of entries with the accrual period.
• Check disclosures: completeness of required sections + consistency in policies + numbering/references + matching numbers.

Step 3: Sign-off + Exceptions + Final Pack

• Close the Final Review Checklist and record any incomplete item in the Exceptions Log with a reason and approval of the exception.
• Sign the Sign-off Matrix (Reviewer/Approver) on the reference version (Version/Date).
• Compile the Closing Pack (Final) according to the Final Pack Index and deliver the final version.

Product Components (Clear Inventory)

1. Final Review Checklist
   • Practical Purpose: Approval gates covering TB/JE/Reconciliations/FS/Notes/Disclosures/Pack.
   • When to Use: End of Month-End/Year-End before issuing “Final”.
   • Resulting Evidence: Completed checklist showing what was checked, when, and by whom.
2. Sign-off Matrix
   • Practical Purpose: Establish responsibilities and approval on the reference version (Version/Date) instead of verbal approval.
   • When to Use: When transitioning from Draft to Final.
   • Resulting Evidence: Signature matrix identifying Reviewer/Approver for each area.
3. Tie-out Sheets
   • Practical Purpose: Quick tie-out tests confirming that the statements and disclosures are based on Adjusted TB and specific supporting schedules.
   • When to Use: Immediately before final approval.
   • Resulting Evidence: Signed/reviewed tie-out sheets within the file.
4. Reconciliations Gate
   • Practical Purpose: Confirm that critical reconciliations are complete and linked to GL with attachments.
   • When to Use: Before final approval, especially Year-End.
   • Resulting Evidence: List of “Critical Accounts” + status of each reconciliation + location of attachments.
5. JE Log Gate
   • Practical Purpose: Review final entries: Support + Approval + Were they posted? + Their impact on the statements.
   • When to Use: After freezing TB and before issuing Final FS.
   • Resulting Evidence: JE gate report showing sensitive entries and what was verified.
6. Disclosure & Notes Gate
   • Practical Purpose: Review disclosures from the perspective of completeness/consistency/numbering/references/matching numbers.
   • When to Use: When closing Notes before sending the final version.
   • Resulting Evidence: Disclosure review log + list of points requiring adjustment.
7. Exceptions Log
   • Practical Purpose: Document items that were not fully closed and what management’s decision is regarding them (Acceptance/Deferral/Subsequent Processing).
   • When to Use: If there are items that cannot be closed before “Final” and require exception approval.
   • Resulting Evidence: Exceptions log with signature of exception approval.
8. Final Pack Index
   • Practical Purpose: Clearly define the contents of the Closing Pack (Final): What should be delivered? And in what version?
   • When to Use: Before final delivery to management/auditors.
   • Resulting Evidence: Index + Version control confirming the delivery version and its contents.

CTA linked to deliverables: Final Review Checklist + Tie-outs + Exceptions Log to establish approval of the statements on a single version within the Closing Pack.

What Should Be Included in the Delivery?

• 01 – Reference Adjusted TB: Final Adjusted TB version (Version/Date) + any mapping for the statements.
• 02 – Final FS: Final statements (P&L/BS/CF/Equity) with version number/date.
• 03 – Notes/Disclosures: Disclosure file (Word/PDF) + Cross-refs + any Disclosure checklist/Tracker (if available).
• 04 – Tie-outs: Tie-out sheets FS↔TB and Notes↔FS + documentation of any discrepancies and how they were closed.
• 05 – Reconciliations: Reconciliation package for control accounts + attachments/statements + account index.
• 06 – JE Log: Final JE log + support for each entry + posting status + any reversal notes.
• 07 – Exceptions Log: If available, approved exceptions log with reason and signature.
• 08 – Sign-off: Signed sign-off matrix + list of who reviewed what + approval date.
• 09 – Final Pack Index: Final delivery index (sections/files/versions) + approved reference version.

After Implementation (Two Points Only)

• Operational Outcome for the Team: “Approval of statements” becomes a clear step: Freeze → Checks → Sign-off → Pack, instead of ungoverned approval followed by rework.
• Regulatory/Audit Outcome (Evidence & Traceability): A specific reference version exists (Version/Date) and each item has evidence: Tie-outs + Reconciliations + JE Log + Notes cross-refs within the Closing Pack.

FAQ — Questions Before Purchase

Is this checklist a substitute for external audit?

No. It is internal governance before approval to ensure that the statements are delivered on a “closed” version linked to evidence. External audit has its own procedures.

Is it suitable for monthly or only annual closings?

For both. The most significant use is usually at Year-End, but the same quality gates are useful monthly for those relying on monthly management reports.

What is the minimum required documentation to apply it?

Final Adjusted TB + Draft/Final FS + JE Log + Reconciliations for control accounts + Notes/Disclosures (Draft).

Does it fit any accounting system?

Yes. It is a checklist for outputs of the closing (TB/JE/Recs/FS/Notes) and not tied to a specific system.

Does it include review of disclosures and notes?

Yes. There is a Disclosure & Notes gate focusing on completeness of sections, consistency of numbers with the statements, numbering and references, and existence of Cross-refs.

Does it help establish a single version and avoid “multiple copies”?

Yes, through Sign-off Matrix + Version control + Final Pack Index, ensuring a specific Version/Date is approved and documenting who reviewed and approved.

What if there are items that cannot be closed before approval?

They are recorded in the Exceptions Log with a clear reason and closure plan and decision for exception approval (and who approved it). The goal is to prevent “open undisclosed items”.

Is there a template for delivering to the auditor/management?

Yes. The Final Pack Index defines the contents of the final Closing Pack, and a checklist and sign-off can be attached as governance evidence within the delivery.

Ready to approve the statements on a closed version linked to evidence?

You will receive: Final Review Checklist + Sign-off Matrix + Tie-outs + Exceptions Log + Final Pack Index to close the approval of the statements within the Closing Pack (Final).