A. PLANNING

1. What lessons can we learn from last year’s financial reporting process?

2. What action has been taken to ensure that the key financial reporting issues during last year’s audit are less of a challenge this year?

3. Have there been any financial reporting standard changes during the year?

4. Will there need to be any changes to our key accounting policies?

5. Have our systems been adapted to take account of any changes?

6. What are the company’s key financial reporting risks for this year?

7. Are there any unusual transactions or areas of significant judgment that will affect the preparation of the annual report and accounts? What action has been taken to manage risks of misstatement that may arise from these?

8. How have the CFO and finance team addressed matters previously raised by the auditor? (partly modified question No. 8)

B. FORMULATE ACTION FOR NEXT YEAR

1. What information are current and future investors likely to be interested in? Are there gaps in the current information the company communicates?

2. What financial and non-financial information and reports are used for internal management purposes, and how does this information compare to the scope and content of our external reporting?

3. How do we ensure that the company is complying with its reporting obligations?

4. How does the audit committee ensure that it is up to date with the latest reporting requirements?

C. TIMING & PLANNING

1. When does planning for the year-end begin? What factors drive this decision, and could the timing be improved?

2. Was there a clear timetable for last year’s financial reporting process? Was it realistic and was it met?

3. What are the key deadlines for this year? Where are the pressure points and how will we manage this?

4. How will we gather and collate the data needed to comply with new standards and regulations?

5. How do we ensure that financial reporting systems continue to be robust and fit for purpose as the company grows?

6. What process is in place to identify errors and inconsistencies in the annual report, for example, between narrative sections and the financial statements?

D. SKILL-SET & EXPERIENCE