The Financial Statement Close Process Walkthrough is the official business definition for ensuring all financial statements are accurately prepared and reported. It follows a series of steps that are designed to ensure accuracy and completeness in the accounting process, from gathering data to finalizing reports. This walkthrough serves as a road map to identify gapsand make sure every step is accounted for in the closing process. While it may sound tedious and complex, this step-by-step approach ensures accuracy and efficiency while quickly identifying potential risks or errors.