The following is a checklist of items for the statutory accounts that are likely to be required by the Statutory Accountant either at the year end or at the close of the project:-
1) A full ‘bible’ produced from the accounting records and as at the year-end date or the close of the project as follows:-
- a) Trial balance
b) Full nominal ledger
c) Aged debtors listing and full sales ledger
d) Aged creditor listing and full purchase ledger
e) Year end bank reconciliation (incl bank statements)
f) Full audit trail listing all production postings
g) List of outstanding purchase orders
h) Details of any other balance sheet balances
2) A cost report based on the year end/closing ‘bible’ with up to date projections of costs to complete (it may be necessary to update the costs to complete in the year end cost report several months after the year end to reflect the most up to date projections)
3) All supporting documentation such as the invoices, bank statements and payment records
4) A list of any contingent liabilities (i.e. potential liabilities which might arise from, for example, legal action that has been threatened).
5) Copies of contracts, including the Production Services Agreement or Interparty Agreement.