Ready to Sign Your Financial Statements?

The audit has been completed and the Board or Trustees are ready to sign the final financial statements. What questions should the Board or Trustees raise in relation to final sign-off of financial statements?

The financial statements are prepared and presented by the entity's governing body and the board or trustees should be satisfied that they give a true and fair view of the matters to which they relate.

• Has the external auditor resolved all outstanding queries?
• Have all independent or third party confirmations been obtained
• Has the audit committee/board had a clearance meeting with the external auditors?
• Are you satisfied that the financial statements comply with the appropriate financial reporting standards, as well as any other relevant legislation?
• Has the board ratified issues in relation to any contentious items?
• Is the board satisfied that the going concern assumption is appropriate?
• Has the Board been given final clearance from the external auditors?
• Are any estimates, within the financial statements or events since balance date, that may reflect on the financial statements to balance date, being reflected within the final financial statements?
• Final sign-off and clearance of the financial statements