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Annual accounts preparation — Accounting and financial-reporting services
A business approaching year end may need its accounting records turned into the correct annual statements. Identify the entity, period and intended filing or reporting purpose, then explain how complete the books are so the professional can distinguish preparation from substantial cleanup or separate assurance work.
Service scope
Preparation of a defined set of year-end financial statements from the entity's accounting records under the agreed reporting basis. This service is distinct from routine bookkeeping, a tax return and an independent audit; the required statement format depends on the entity and jurisdiction.
What is normally included
- Period-end record review within scope
- Preparation of agreed financial statements
- Discussion of draft statements and required approvals
What is not included
- Audit assurance unless separately engaged
- Automatic filing of every related return
- Repairing unlimited historical records within a standard fee
Typical tasks
- Confirm the reporting period and basis
- Review record readiness
- Identify agreed period-end adjustments
- Prepare draft financial statements
- Discuss approval and any agreed filing handoff
What to include in your brief
- Entity and jurisdiction
- Year-end date
- Bookkeeping status
- Required statement or filing type
- Existing audit or tax arrangements
Choosing the right professional
Ask what reporting framework and outputs the provider is pricing and how missing records are handled. Clarify whether the fee includes filing, tax returns or an audit; preparation of financial statements alone should not be presented as independent verification.
Important considerations
- Unreconciled records can delay preparation
- Different recipients may require different statement formats
- Filing and assurance obligations are separate questions
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