This sample questionnaire can be used to review and improve an organization’s close-the-books process.
Closing the books primarily covers the accounting activities surrounding the closing of the general ledger and all associated ledgers for each accounting period. Activities for closing the books vary significantly from one company to the next. Sample questions include: What are the main deadlines? When/how often is it communicated to applicable individuals? How long does the typical closing process take? Are accounts assigned to people for monitoring and reconciliation? If so, who is assigned which accounts? What type of variance analysis is done?