Financial Close Process Questionnaire: Generate Financial Statements and Disclosures

This questionnaire focuses on the financial close process, specifically generating financial statements and related disclosures. This document includes a process description, key risks, expected key controls and key questions to ask during the process review.

During the financial close process, financial reporting drafts the financial statements and disclosures based on information gathered from various sources. Once drafted, financial reporting circulates the draft financial statements to a group of individuals, including the company executives, board of directors, audit committee, disclosure committee/controllers, for review and approval.