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The Controllership Series - The Financial Close

  • CPA (CA)
  • CMA
  • CPA (US)

Published: July, 2021

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description


  • Close the Books
    3 mins
  • Information Needed
    13 mins
  • Monthly Close Steps
    28 mins
  • Monthly Close Process
    40 mins
  • Consolidating Entities
    71 mins

Course Description

There’s something magical about the last few days of every financial period. No wait, not magical - miserable. Finance teams devote enormous time and energy to what should be a smooth operation.

And in every workplace, it’s a stress fest.

Regardless of a company’s size or financial sophistication, the financial close process can become convoluted.

A common challenge for the controller role is in closing the month-end and period-end books in preparation to issue financial statements.  This duty requires precision, timing and efficiency. Sequential steps — from recording transactions to generating financial statements — must be done efficiently, collaboratively and accurately before accountants can close the books.

Managers, analysts, Boards, and investors are digesting market information in real time and are beginning to expect the same of financial results.  To meet these high expectations, the CFO and controller need to find ways to speed up their financial close processes to report the financial results before they become perceived as old news in the new world

The closing process has traditionally been a slow one with many companies taking two weeks to close its subsidiary’s books and another two to three weeks to roll up and consolidate the results.  In today’s fast paced digital world, much has been done to help accelerate that process with integrated enterprise resource planning systems, general ledger and consolidate software. 

In this online continuing education course, the speaker Lynn Fountain will discuss the many facets involved in closing the books and will provide insights into expediting the process in order to be able to create more timely financial statements. 

Typical steps in the accounting close process include:

  • Analysis of business transactions
  • Make JE’s
  • Post to Ledger Accounts
  • Prepare trial balance
  • Make adjusting entries
  • Prepare adjusted trial balance
  • Prepare financial statements
  • Close accounts
  • Prepare post-closing trial balance

In this Controllership online CPE webinar, we will discuss the elements of the financial close and also important concepts to assist the controller in accelerating their close timeline. This includes addressing of all functional areas of the close including payroll, invoicing, payables, inventory, cash, and the general ledger.  In this online CPE course, we will also discuss important concepts of ensuring that your financial close is accurate by discussing bank reconciliations, overhead allocations, bad debt reserves, unpaid wages and accruals for vacation time, account reconciliations, deprecation and overall financial statement review.

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Learning Objectives

  • To define the process for closing the books
  • To determine the purpose of timely closing
  • To identify the preliminary steps to take prior to beginning the process of closing the books
  • To outline the steps to complete for the monthly close process
  • To describe the process involved in annual accounting close

Recommended For

  • This Online CPE/CE webinar is recommended for CPAs and CMAs who wants to help their clients manage the financial close
  • This Online Continuing Education webinar is also recommended for CPAs in Canada who wants to help their clients manage the financial close process

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Assistant Controllers
  • Business Owner
  • CEO
  • CFO/Controller
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Entrepreneurial CPA
  • Finance Pros
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CPD Credit for Chartered Professional Accountant (CPA Canada)
  • 2 CPE Credit of Management Services for Certified Public Accountants (CPA-US)
  • 2 CPE Credit for Certified Management Accountants (CMA)


About Presenter

Lynn Fountain, CRMA, CPA (US), CGMA, MBA

Owner Lynn Fountain Consulting and Training

Lynn Fountain has over 39 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance.  Lynn has held two Chief Audit Executive (CAE) positions for international companies.   In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees.  The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.

Ms. Fountain is currently engaged in her own consulting and training practice.  She has successfully executed on several consulting assignments spanning areas of accounting, risk, ERM and internal audit.  She is a highly sought-after trainer and international speaker and has produced hundreds of courses delivered through seminars, conferences and on-demand training.  She is the author of three separate technical books. 

  • Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”.
  • Leading the Internal Audit Function
  • Ethics and the Internal Auditor’s Dilemma

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials. 

About Company

Lynn Fountain Consulting and Training

Ms. Fountain has become known as an international trainer on topics of Leadership, Internal Audit, Accounting, Finance, Ethics, Business Processes, Bookkeeping, Cybersecurity and Business Issues.  She has over 150 training topics that can be tailored to meet your needs.


FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Ratings and Review


14 Ratings



Very Good