Corporate Year End Checklist

In order to prepare the financial statements for the year, we require the following information from you:

 

Notice to Reader and Review Engagements

  • Your year end bank statement(s) and bank reconciliation(s) if you have prepared one.
  • Documentation for any new lending agreements.
  • Statements for the year for any investments held by the company.
  • Invoices for any capital asset purchases or sales.
  • Listing of any accounts receivable as of your year end, and indicate which accounts are unlikely to be collected.
  • Listing of any accounts payable as of your year end date.
  • An inventory listing as of year end date and indicate if any items are obsolete
  • Any year end credit card statements
  • Copies of any agreements entered into by the company during the year. (For example:  leases on property or equipment)
  • Your corporate minute book – (if requested by us)
  • Copy of your electronic data file including the user name and password.

 

Additional information for Review Engagements

  • Notes on any related party transactions.  Related parties being defined as
    • Shareholder(s)
    • Family members of shareholders
    • Other corporations with management and ownership that are related to the shareholders of the company.
  • Copies of your company insurance policies.
  • Any litigation that the company is currently involved in.
  • Any events subsequent to the year end that is significant that may have an impact on the company
    • Mergers and divestures
    • Major purchases (buildings, equipment)
    • New financing.
    • GST or income tax audits
  • Any concerns regarding any illegal activity that has occurred – particularly employee driven.
  • Compliance – is the company in compliance with
    • environmental matters
    • contractual arrangements with customers or others.
  • Have all transactions been reported in the financial statements including those that did may have been a transaction where cash was not involved?

 

During the course of preparation of each file, there may be additional information that we request to supplement any of the above.  We attempt to keep these queries limited and relevant as well.