Assets are listed in order of liquidity.

Liabilities are listed in order of maturity.

Equity includes ownership capital and retained earnings.

Cash and cash equivalents are accurately recorded.

Accounts receivable are verified, and bad debts are accounted for.

Inventory is counted and valued correctly.

Prepaid expenses are recorded (e.g., insurance, rent).

PP&E is recorded at cost, less accumulated depreciation.

Intangible assets are accounted for, including amortization.

Long-term investments are verified and valued.

Other non-current assets, including deferred tax assets, are recorded.

Accounts payable include all outstanding bills and obligations.

Short-term borrowings are included.

Accrued liabilities, such as wages and taxes, are recorded.

Deferred revenue is recorded accurately.

Other current liabilities are identified and included.

Long-term debt is recorded (e.g., loans, bonds).

Deferred tax liabilities are included.

Pension liabilities are accurately reflected.

Other long-term obligations are included.

Share capital is correctly recorded, including par value.

Retained earnings are updated with net income and dividends.

Additional paid-in capital is verified.

Other equity items, such as treasury stock, are included.

Verify that Assets = Liabilities + Equity.

Check for mathematical errors or misclassifications.

Compare with prior period balances to identify discrepancies.

Ensure compliance with accounting standards (e.g., GAAP, IFRS).

Significant accounting policies are disclosed.

Contingent liabilities are identified and disclosed.

Related party transactions are disclosed.

Subsequent events are disclosed if applicable.

Internal controls for recording and verification are reviewed.

Audit adjustments are incorporated.

Management has reviewed and approved the balance sheet.

Currency conversion is accurate for foreign operations.

Figures align with the income statement (e.g., retained earnings).

Tax provisions, including deferred taxes, are accounted for.