Year-End Procedures encompass a range of essential activities conducted by an organization's finance and accounting teams to close out financial accounts for the fiscal year. These procedures include reviewing balance sheet and income statement items, performing necessary reconciliations such as comparing bank statements to the ledger, reviewing accounts payable and receivable, and assessing asset depreciation. The goal of these procedures is to ensure the financial statements are accurate and comply with relevant accounting principles such as Generally Accepted Accounting Principles (GAAP). For example, a team might ensure all expenses incurred during the year but not yet recorded are accrued, forming a precise financial snapshot for stakeholders. Year-End Procedures are critical for preparing for audits and providing stakeholders with clear and truthful financial reports.