Balance Sheet Finalization points

No Entry On National Holiday.
2. Confirmation of Secured Loans.
3. Confirmation of Unsecured Loans.
4. Confirmation of S.Creditors (Specialy Those With Debit Balance.)
5. Confirmation of S.Debtors (Specialy Those With Credit Balance)
6. Bonus Sheet To Be Tallied With Bonus Paid In Cash And By Cheque.
7. Check Cash For Negative Balance.

8. Electricity Charges For 12 Months Entered Or Not.
9. Salary Sheet – Tally With Salary Paid In Cash+Cheque. Salary of Employees Who Have Not Signed Salary Sheet Should Reflect As Payable. Tally With Salary Summary For Whole Year.
10. Copy of All Full & Final A/C Papers Required.
11. Insurance Exp. – Pre-Paid Entries To Be Done. Copy of All Cover Notes To Be Kept In Balance Sheet File.
12. Other Pre-Paid Exp. Entries Like Licence Fee, AMC Etc.
13. Tally Opening Balance With Last Year Balance Sheet.
14. Reconcile Sale + Purchase With Sales Tax Returns.

. Licence Fee – Receipt Or Covering Letters of Licence Copy.
16. Tel. Exp. – Bill of 12 Months Entered Or Not. Narration Similar To That of Electricity Exp.
17. Depriciation Entries.
18. Tally Tds Certificates With Relevant Ledgers.
19. Tally Tds Returns With Relevant Ledgers.
20. Reconcile All Bank Accounts.
21. G.P. Rate Comparison With Last Year.
22. Audit Fee To Be Entered.
23. Check Cash Exp. Vouchers.
24. Check All Debit Notes / Cr. Notes. Should Be Signed
25. Check All Cash Receipts. Should Be Signed
26. Check All Discounts To Customers Or Short & Excess Or Bad Debts Vouchers. Should Be Signed
27. All Heads In Previous Year P&L, Trading Balance Sheet Should Be In Current Year Balance Sheet And Comparasion of Amount To Be Done.

. Challans of All Govt. Dues To Be Enclosed With I.T.R./GST/ ESI / EPF / TDS Etc .
29. Exp. Payable Entries : Tel., Electricity, Water Etc .
30. Freight Inward For All Central Purchases Should Be Entered.
31. Transfer Previous Year Pre-Paid To Relevant Expense Head.
32. Check Payment of Previous Year Expenses Payable.

Following are not finalisation points but a part of audit:
confirmation notes are audit checks required for loans, creditors and cash balance , bank balance.

So this means it is an auditing issue and I don’t understood why it’s an accounting interview question. Maybe after finalisation, they calculate materiality.threshold. 

ACCOUNTING AUDIT TAX AND ECONOMICS ARE INTER RELATED.
LET'S DISCUSS THE CRITERION :
1. AFTER CARRYING OUT THE ACCOUNTING AND CONSOLIDATION THE ACCOUNTANT HAS TO MAKE HIMSELF READY .
THIS IS ASCERTAINING AUDIT CHECKS.
THOSE POINTS HAS TO BE CONSIDERED.
NOWADAYS ALL ORGANISATIONS HV THEIR INTERNAL CHECK AND INTERNAL CONTROL IN PLACE. IT MAY BE THRU OTHER MEANS.
THERE ARE VARIOUS STATUTORY PAYMENTS WHICH FORM PART OF TAX AUDIT CHECKS.
THOSE HV TO BE CONSIDERED.

Internal controls in auditing is real. I have those text books related to mba, performance management and auditing. The last two makes Sense and highly correlated to the work break down structure or to the organisation pyramid, top-middle and bottom 

I hv on the job experience.
I hv applied them in real life situations.

Moreover, it looks like CA is behaving responsibly over others to attain discipline on the floor and and achieving their controls systematically like @ Mr. Sabyasachi. Other people should learn from others when their operations are not smooth or at least reason themselves. Needless to say, smoother operations reduced learning curve impact and profit maximising.