Can the form be e-signed?

Yes. Under the federal ESIGN Act (15 U.S.C. ch. 96) and UETA in most states, electronic signatures are legally enforceable if intent, consent, attribution, and reliable retention are present.

Is notarization always required?

Not usually. Notarization depends on the document's purpose and state rules. For certain legal uses or lenders, a notarized or sworn affidavit version may be required.

What if a signer made a mistake?

Minor errors should be corrected with a signed amendment or countersignature referencing the original approval; avoid altering an executed copy without creating a new signed record.

Who must retain the signed record?

The organization that requested approval should retain the original signed file subject to applicable retention rules such as IRC §6501(a) and industry-specific requirements.

Are stronger eID methods ever required?

Yes. High-risk approvals or regulated industries may require multi-factor authentication, KBA, or PKI-based digital signatures to satisfy auditors or regulators.

How long should I keep approvals?

Follow federal minimums and industry rules: at least 3 years for tax-related items, 6 years for HIPAA-related records, and longer where state law or contracts demand.

Electronic Signature
Templates
Finance
Financial Statement of Approval

Financial Statement of Approval

This template is fully customizable. Edit the text, fill out the fields, and send it for signature. Give it a try!

FINANCIAL STATEMENT OF APPROVAL

Entity Information

Company Name Registered Address

Fiscal Period Start:

Fiscal Period End:

Report Details

Statement Type: Annual Quarterly Interim Other

Prepared By (Name and Department)

Preparation Date:

Contact Email:

Attachments Checklist

Confirm the following documents accompany this approval:

Attachments Balance Sheet Income Statement Cash Flow Statement Notes to Financial Statements Audit Report (if applicable)

Financial Summary (Key Figures)

Description	Amount (USD)
Total Assets
Total Liabilities
Net Equity
Total Revenue
Net Income (Loss)
Cash and Cash Equivalents
Other Material Items (describe)

Certification and Representations

I, the undersigned authorized officer of the reporting entity identified above, certify that the accompanying financial statements and supporting schedules have been prepared under my direction and supervision and, to the best of my knowledge and belief, present fairly, in all material respects, the financial position and results of operations of the entity for the period stated. These financial statements were prepared in accordance with generally accepted accounting principles applicable to the entity and reflect all material transactions and liabilities.

I further represent that I have reviewed the attached supporting documentation, that no material facts have been omitted, and that any qualifications, adjustments, or departures from standard accounting practices have been disclosed in the accompanying notes. I understand that willful falsification of information contained in this certification may subject me and the entity to administrative, civil, or criminal penalties under applicable law.

Approval Status Approved Approved with Exceptions (detail required) Rejected If Approved with Exceptions or Rejected, provide details

Additional Terms and Authority

By signing below, the approving officer authorizes distribution or filing of the certified financial statements to lenders, investors, regulatory authorities, and other parties as required for the entity's customary business purposes, subject to any redactions or restrictions noted in writing. The approving officer confirms that they have the requisite authority to bind the entity with respect to the matters certified herein.

Notes, Qualifications, or Special Instructions

Contact for Verification

Approving Officer Name Title Phone Email

Approving Officer:

By:

Date:

What the Financial Statement of Approval Is

A Financial Statement of Approval is a signed declaration confirming that an authorized person or body has reviewed and approved a financial record, report, or transaction. It typically documents the approver's name, title, approval date, description of the item approved, and any conditions or limits. The form is used in internal controls, lending, audits, and regulatory reporting to create an auditable record of sign-off and to allocate responsibility for financial decisions and disclosures.

Why a Formal Approval Statement Matters

A clear approval record reduces ambiguity about who authorized a transaction, supports auditability, and helps satisfy compliance obligations such as internal control frameworks and external reviewer requests.

Typical Users and Signers

Organizations and individuals complete Financial Statements of Approval when formal sign-off is required for financial actions or reporting.

CFOs and finance managers responsible for budget approvals and financial reporting.
Controllers and accounting staff signing month-end reconciliations and variance approvals.
Lenders, underwriters, or compliance officers approving loan disbursements or covenant changes.

The document documents responsibility, supports internal controls, and provides evidence for audits, lenders, and regulators.

Who Typically Signs

Chief Financial Officer

Senior finance executive who confirms accuracy and approves material financial statements; signs when board-level or lender-required sign-off is needed, often includes title and date for audit trails.

Authorized Approver

Named individual with delegated authority—such as a controller or department head—who certifies transactions within specified limits and documents conditions for the approval.

Security and Compliance Features to Include

Encryption: TLS 1.2/1.3 in transit; AES-256 at rest

Audit Trail: Timestamped actions, IP and device details

Authentication: Email, SMS code, KBA, or SSO options

Regulatory: ESIGN and UETA compliance

Sector Certifications: SOC 2 Type II, ISO 27001

Healthcare Support: HIPAA available with BAA

Key Risks of Incorrect or Missing Approvals

Tax Penalties: 1099/IRS penalties under IRC §6721

I-9 Violations: Paperwork fines under 8 CFR §274a.2

Contract Disputes: Void or unenforceable approvals

Fraud Exposure: Unauthorized transactions risk

Regulatory Enforcement: Industry fines or corrective action

Reputational Harm: Loss of stakeholder trust

Common Preparation Pitfalls

Mismatched names between approval and ID can invalidate sign-off.
Missing effective dates cause ambiguity on when approval takes effect.
Vague approval language leaves open interpretation and dispute.
Failing to retain the signed record undermines legal defensibility.

How to Complete the Financial Statement of Approval

Follow a consistent, auditable process to prepare, review, and sign the approval; capture identity, date, scope, and conditions clearly.

01

Prepare: Attach the financial schedule or transaction detail that the approval covers.
02

Identify Approver: Enter full legal name, title, and delegated authority level.
03

Record Terms: State approval date, effective date, limits, and any conditions.
04

Sign and Save: Obtain signature, timestamp, and preserve audit trail for retention.

Typical Online Approval Workflow

Digital approval workflows reduce turnaround and preserve a transparent audit trail when properly configured.

Upload Document: Add the statement and supporting schedules in PDF or DOCX format.
Place Fields: Insert signature, date, and conditional fields as needed.
Set Signers: Add approver email addresses and signer order.
Authenticate Signer: Choose email, SMS, KBA, or SSO to verify identity.

Recommended Workflow Settings for Financial Approvals

Configure templates and authentication to match your control environment and audit requirements.

Field	Configuration
Template	Use a named template with required fields locked
Approver Sequence	Set sequential routing for multi-level approvals
Authentication	Use SSO or SMS code for high-risk approvals
Reminders	Enable automated reminders and expiry notifications

Technical and Integration Considerations

Ensure your e-signature platform supports required integrations, formats, and security controls before deploying approval workflows.

Integrations: Salesforce, NetSuite, Microsoft 365, Google Workspace
Accepted Formats: PDF, DOCX, HTML, Excel
Authentication Options: Email, SMS, KBA, SSO

Key Timing and Deadline Considerations

Some filings and related tax forms have statutory deadlines; internal approval windows should be shorter to allow timely submission.

Provide W-9 When Requested:

W-9s must be produced on request; retain for backup withholding purposes.

1099-NEC Deadline:

File recipient and IRS copies by Jan 31 when applicable.

Individual Tax Return:

1040 due April 15 (extension to Oct 15 with Form 4868).

Internal Approval Window:

Allow at least 5 business days for review and signature on major approvals.

Retention Start Date:

Retention typically begins on approval or filing date.

Typical Processing Milestones

Map approval actions to discrete milestones to ensure timely execution and auditability across stakeholders.

01

Draft and Attach

Prepare the financial schedules and attach supporting documentation.

02

Internal Review

Accounting performs validation and highlights exceptions before approval.

03

Approver Sign-Off

Authorized individual signs and dates the statement.

04

Archive and Distribute

Store signed record and distribute to lenders, auditors, or regulators as required.

How This Document Compares to a Financial Affidavit

Compare common attributes so you can choose the right form for audits, lenders, or regulatory filings.

Criteria	Financial Statement of Approval	Financial Affidavit
Typical Use	internal sign-off	legal declaration
Notarization	usually not required	often required
Witnesses	rarely required	sometimes required
Evidentiary Weight	operational / audit	legal / court use

eSignature Vendor Comparison for Financial Approvals

Basic pricing and feature availability across common eSignature providers to inform procurement choices; signNow is listed first for direct comparison.

	signNow	DocuSign	Adobe Sign	PandaDoc	HelloSign
Starting Price	$8/user/mo	$15/user/mo	$14/user/mo	$19/user/mo	$15/user/mo
Free Trial	7-day trial	Varies by vendor	Varies by vendor	Varies by vendor	Varies by vendor
Bulk Send	Yes	Yes	Yes	Yes	No
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No
Envelope Cap	No cap	100 envelopes/user/year	Varies	Varies	Varies

Frequently Asked Questions

Answers to common questions about electronic signing, notarization, retention, and correcting signed Financial Statements of Approval.

Need help? Contact support

Can the form be e-signed?
Yes. Under the federal ESIGN Act (15 U.S.C. ch. 96) and UETA in most states, electronic signatures are legally enforceable if intent, consent, attribution, and reliable retention are present.
Is notarization always required?
Not usually. Notarization depends on the document's purpose and state rules. For certain legal uses or lenders, a notarized or sworn affidavit version may be required.
What if a signer made a mistake?
Minor errors should be corrected with a signed amendment or countersignature referencing the original approval; avoid altering an executed copy without creating a new signed record.
Who must retain the signed record?
The organization that requested approval should retain the original signed file subject to applicable retention rules such as IRC §6501(a) and industry-specific requirements.
Are stronger eID methods ever required?
Yes. High-risk approvals or regulated industries may require multi-factor authentication, KBA, or PKI-based digital signatures to satisfy auditors or regulators.
How long should I keep approvals?
Follow federal minimums and industry rules: at least 3 years for tax-related items, 6 years for HIPAA-related records, and longer where state law or contracts demand.

be ready to get more

Join over 28 million airSlate SignNow users

Sign Now