Receive a US subsidiary close you can understand and discuss.

Agree the period and expected reporting before work begins.

The subsidiary's accounting period and the group's reporting timetable should be explicit. Tell the firm which cut-off date, supporting information and explanations finance needs. A reviewed local workpaper is easier to use when the receiving team understands its source and the period represented.

Separate the local review deliverable from the group's own consolidation requirements. The firm supplies its reviewed balances and supporting file; group finance determines the reporting mapping and any further analysis needed for its group process. Agree that handover rather than discovering differences after the close.

• Identify the subsidiary and the reporting date.
• Agree the supporting schedules and explanations expected.
• Clarify how proposed adjustments enter the accounting process.
• Define the handover format and the people involved.

Ask for balances that can be followed back to support.

Close Review organizes QuickBooks balances into cycles and ties them to their support. The reviewer examines differences and commentary before approval. The final Excel workpaper includes the summary, balance sheet, P&L, proposed adjusting entries and schedules by cycle.

Read that file with a practical question: can the receiving team understand how the balance was justified? A clear schedule identifies the amount, source and explanation. It lets the conversation focus on a real difference or decision rather than on reconstructing the preparer's calculation.

Scroll the table if needed.

Read intercompany confirmation and currency checks together.

An intercompany balance should be discussed with the counterparty's confirmation and the relevant dates. The review cycle checks the balance and the rate used. A difference can require a closer look at recording dates, transactions or currency assumptions before a professional concludes.

In a fictional example, the subsidiary records $120,000 due from its parent and the counterparty confirms $118,000 for the same requested date. A $2,000 difference needs an explanation and supporting information. The firm and parent compare the transactions and dates before deciding what adjustment, if any, is appropriate.

Fictional intercompany example · sample data

Make period-end questions understandable to both teams.

Deferred revenue and accrued income are review topics that often need information from the subsidiary's operations. The invoice register and the service period help explain how revenue belongs to the reviewed period. Use the source documents and calculations when discussing the proposed adjustment.

French working terms such as PCA and FAE can help the reporting conversation, but the professional checks the underlying facts and accounting treatment. The cut-off guide explains the vocabulary and method; the receiving finance team can then ask a precise question about the relevant schedule.

Keep preparation, review and changes identifiable.

A cycle progresses from To do to Prepared, In review and Approved. Once the firm has two reviewers, nobody approves their own cycle. A reopened cycle is recorded so work that needs renewed attention can be reviewed again.

AI-prepared work remains subject to a professional's approval. Nothing it prepares is final until that review. The security page explains the provider's written commitment on US-only AI processing, no retention and no training, and the controls useful to the firm's evaluation.

Work through the firm's reporting handover.

The firm prepares the review in TAXFINAI and shares the agreed workpaper through the channels arranged with group finance. Finance's role is to specify the information needed, ask questions on the evidence and make its group reporting decisions.

For a demo, bring a fictional subsidiary, a close period and an intercompany question. Include the person who prepares the review and the person who receives it. Seeing the Excel handover is a concrete way to assess the workflow together.

Common questions