AICPA Year-End CPA Checklist

Ensure that the chart of accounts is up-to-date and reflective of the organization's current financial structure. This task is crucial as it provides the foundation for accurate financial reporting and analysis. Are there any new accounts that need to be added? Have any accounts become redundant and need to be removed? Make sure to review and update account descriptions as well. Remember to consult with relevant departments or stakeholders to gather information about any changes.

Compile and analyze financial data to prepare accurate reports that reflect the organization's financial position and performance. Review the financial reports for any errors or discrepancies. Are all the necessary financial reports ready for review? Do the reports provide a clear and concise overview of the organization's financial status? Have any changes occurred that should be reflected in the reports? Make sure to verify the accuracy of the data and reconcile any inconsistencies.

Make necessary adjustments to the financial records to accurately reflect the organization's financial position at the end of the year. Have any prepaid expenses or accrued expenses been identified? Are there any outstanding income or expenses that need to be recognized? Ensure that all adjustments are properly documented and supported with appropriate documentation. Verify the completeness and accuracy of the adjustments before finalizing them.

Compare and match the balances of the organization's ledger accounts with external sources of information, such as bank statements and vendor records. Identify and investigate any discrepancies or errors. Are all ledger accounts reconciled? Have all outstanding transactions been properly recorded? Perform a thorough review of each account to ensure their accuracy and completeness.

Conduct a comprehensive review of the organization's inventory records. Ensure that the inventory counts are accurate and up-to-date. Have any obsolete or damaged inventory items been identified? Analyze the inventory turnover and valuation methods to determine if any adjustments or write-offs are necessary. Communicate with relevant departments or stakeholders to gather information about any changes.

Calculate the depreciation and amortization expenses for the organization's fixed assets. Review the useful lives and salvage values of the assets to ensure accurate calculations. Have any additions, disposals, or changes in asset values occurred during the year? Record the depreciation and amortization adjustments in the appropriate accounts.

Assess the organization's accounts receivable to determine if any amounts are uncollectible. Identify any delinquent or doubtful accounts and review the corresponding collection efforts. Have any accounts receivable been identified for write-off? Analyze the factors contributing to the uncollectibility and ensure compliance with accounting standards.

Assess the organization's tax liabilities for the year. Review the tax returns, tax payments, and any outstanding tax obligations. Have any changes in tax regulations or rates occurred? Analyze the impact of any tax planning strategies implemented during the year. Consult with a tax professional if needed.

Record the necessary adjusting journal entries to reflect the financial activity and events of the year accurately. Have all the required adjustments been identified? Determine the appropriate accounts and amounts for each adjustment. Include sufficient explanations or supporting documentation for the entries. Verify the accuracy and completeness of the entries before finalizing them.

Compare and verify the balances and activities of the organization's bank accounts with the bank statements. Identify and investigate any discrepancies or errors. Have all bank transactions been properly recorded? Perform a thorough review of each bank statement to ensure their accuracy and completeness. Communicate with relevant departments or stakeholders to gather information about any changes.

Compile and analyze the financial data to prepare accurate financial statement reports, including the income statement, balance sheet, and cash flow statement. Review the reports for any errors or discrepancies. Are the reports prepared in compliance with accounting standards? Do the reports provide a clear and concise overview of the organization's financial performance and position? Verify the accuracy and completeness of the data before finalizing the reports.

Review and update the organization's fixed assets register. Include any additions, disposals, or changes in asset values that occurred during the year. Are all the fixed asset records accurate and up-to-date? Verify the information against supporting documentation, such as purchase invoices or disposal records. Analyze the depreciation methods and useful lives to ensure accuracy.

Authorize the finalization of the financial year in the organization's accounting system. Have all necessary tasks and activities been completed? Are all financial records and reports accurate and complete? Verify that all necessary approvals have been obtained and that appropriate controls are in place. Ensure the compliance with accounting standards and regulatory requirements before closing the year.

Prepare the organization's financial records, reports, and supporting documentation for an external audit. Have all required documents been gathered and organized? Are the financial records and reports readily accessible for review? Review the previous audit findings and implement any necessary improvements or corrective actions. Consult with the auditors to address any specific requirements or inquiries.

Securely store and organize the organization's financial records for the year. Have all required documents been properly labeled and stored? Are the records easily retrievable for future reference or audits? Consider utilizing a digital or physical archiving system to maintain the records' integrity and longevity. Ensure compliance with data protection and retention policies.