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The Controllership Series - The Financial Close

  • Accountant
  • CPA (CA)
  • CFE
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • CFA
  • IAP
  • QIAL
  • CIPM
  • FPAC
  • CWS

Published: May, 2022

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

Within this segment of our controllership series, we will discuss the area of financial close.

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 digest market information in real-time and are beginning to expect the same 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 their 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 consolidated 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 an adjusted trial balance
  • Prepare financial statements
  • Close accounts
  • Prepare the post-closing trial balance

In this online CPE/CPD 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, accruals for vacation time, account reconciliations, deprecation, and overall financial statement review.


  • 1.1 Introduction
  • 00:03:54
  • 1.2 Agenda
  • 00:00:41

  • 2.1 Close the books
  • 00:01:15
  • 2.2 The Purpose of the closing process
  • 00:02:23
  • 2.3 Two types of accounts
  • 00:03:47

  • 3.1 Preparation and Information needed
  • 00:04:31
  • 3.2 Preparation for monthly close process
  • 00:12:35

  • 4.1 Monthly close steps and process
  • 00:13:53

  • 5.1 Year-end accounting
  • 00:28:33
  • 5.2 Consolidating entities
  • 00:06:18

  • 6.1 Summary
  • 00:00:39
  • 6.2 Ending Speech
  • 00:00:33

Learning Objectives

  • To define the process for closing the books.
  • To determine the purpose of a 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 CPE webinar is recommended for CPAs and CMAs who want to help their clients manage their financial close.
  • This CPD course is also helpful for Canadian CPAs who want 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 General Credit of Accounting for Accountant/Bookkeeper/Tax Professionals
  • 2 CPD Credit of Accounting for Chartered Professional Accountant (CPA Canada)
  • 2 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
  • 2 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 2 CRE Credit of Financial accounting concepts for Certified Corporate FP&A Professional (FPAC)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)
  • 2 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
  • 2 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
  • 2 CPE Credit of Accounting for Certified Government Financial Manager (CGFM)
  • 2 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
  • 2 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
  • 2 PL Credit of Accounting for Chartered Financial Analyst (CFA)
  • 2 CPE Credit of Accounting for Internal Audit Practitioner (IAP)
  • 2 CPE Credit of Accounting for Qualification in Internal Audit Leadership (QIAL)
  • 2 PL Credit of Accounting for Certificate In Investment Performance Measurement (CIPM)
  • 2 CPE Credit of Financial accounting for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)

Additional details

  • Course Level :
  • Credits :
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
  • Advance Preparation :


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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.


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Ratings and Review


18 Ratings



Very Good









Jordan Olson, CPA (US)

Sep 27th, 2022

The webinar was well presented


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