This Financial Reporting Process Review Audit Report offers an examination of the strategies and opportunities available to accelerate and enhance the financial close and reporting cycle. Through a detailed analysis of current processes, the report identifies key areas for improvement, such as reducing manual effort, implementing process-centric organizational structures and leveraging technology like Oracle to streamline data compilation and disclosure. By documenting process designs and workflows, it presents actionable recommendations that promise significant reductions in closing time and annual effort while also strengthening compliance with regulatory requirements and aligning reporting timelines with industry peers.

Beyond efficiency gains, this audit tool emphasizes maintaining or even enhancing the integrity of financial data throughout the close process. It outlines approaches for standardizing tasks, establishing clear accountability, and adopting risk-based methodologies to ensure reliable and scalable operations. These considerations are vital for organizations pursuing growth or acquisitions. This report’s insights into performance measurement, automation and responsibility assignment create a strong business case for transformation. For those seeking to modernize their financial reporting functions and drive sustainable improvements, this audit tool provides a valuable roadmap, making it an essential tool for finance leaders and professionals aiming to stay ahead in today’s fast-paced business environment.

Audit findings in this report include:

• Ten days are spent on closes, which causes closes to compete with non-close activities for limited staff resources.
• The high level of effort spent on journal entries, reports/schedules and reviews is consistent with the overall manual nature of closes and relatively lower reliance of Oracle standard functionality.
• Current workload concentration is not scalable for growth or acquisitions.
• Activities performed in advance of closes do not appear to minimize time spent during the close periods.