Even the most committed accountant would have to admit sometimes that producing and reviewing statutory accounts for clients can be a laborious and draining headache, especially when it comes to ensuring you are disclosing everything you need to.Ensuring the correct disclosures are included in accounts is a legal requirement and in most situations, anything which could have an impact on a business’ financial statements needs to be disclosed – so they’re quite important.
Even beyond the legal requirement, the disclosures are also used to identify the financial strategies being used by companies and can reveal business critical information. All of this is essential information if any company is going to fully understand its financial position.
A particular danger when producing multiple sets of accounts, perhaps with multiple tiers of review, is recognising and accounting for changing circumstances year to year. It can be a difficult to correlate and translate events into a set of financial statements.
Cloud Disclosure Checklist
The last thing a company needs is to fall foul of any laws or regulations, or come under scrutiny for failing to disclose everything it should do.
Our Cloud based disclosure checklist provides a quality assurance process to financial reporting to ensure everything is completed correctly and done so in as efficient a way as possible.
Used as a standalone system or integrated into a wider practice suite, the disclosure checklist provides the options of either a full or summary checklist and all you need to do is pick which option suits your client and go from there.
An inbuilt workflow means that setting up an engagement is easy and can be altered for multiple entity types and reporting standards.
Once the key parameters have been confirmed, the tailoring checklist can intelligently modify the section checklists – with the questions tailored accordingly and easily completed with one click answers along with sections to mark exceptions.
To ensure compliance, each question is linked to the relevant regulations so you can be sure you are supplying the correct information while supporting evidence can be added to a question and issued raised and classified simply.
For more information about CaseWare’s new Cloud Checklist, click here