Behind Every Great Call Report: The Unsung Hero of Workpapers
Let’s face it—Call Reports don’t exactly spark joy for most people. They’re technical, time-consuming, and loaded with numbers that could make even a calculator sweat. But if you're in banking, you know these reports are non-negotiable. What often gets overlooked, though, is the real MVP behind those carefully crafted submissions: the workpapers.
Think of Call Report workpapers as the backstage crew of a rock band. The audience (aka the regulators) sees the final performance. But without the people behind the curtain making sure every cue is hit and every set piece is in place, the whole thing falls apart.
So why should you care deeply about these behind-the-scenes documents? Let’s break it down.
- Receipts, Please: Proving Your Numbers
Ever been asked, “How did you get this number?” and all you had was a shrug and a vague memory of a spreadsheet? Not a great look during a regulatory exam.
Workpapers are your receipts. They tell the full story of how each line item in your Call Report came to be—formulas, data sources, assumptions, and all. Things like the investment trial from a third party or separate loan trial balances by product might be your receipts. Without them, you're just hoping no one asks too many questions. With them, you’ve got confidence and clarity.
- They Keep the Audit Gods Happy
Auditors love workpapers. Why? Because they make life easier for everyone. When numbers match up, sources are cited, and the logic is clean, audits move faster and with less friction.
And if your workpapers are good enough to make an auditor smile? You’re doing something very right.
- Errors Happen—Workpapers Help Fix Them
Even the best teams make mistakes. Maybe it’s a transposed number. Maybe it’s a new loan product that threw off the calculation. Whatever it is, a good set of workpapers helps you track it down, fix it fast, and move on. Items re-classed at quarter end should be discernable quickly. And if its not right by next quarter, you know where to look first.
Think of them as your financial GPS—if you take a wrong turn, they’ll guide you back to the right road.
- Future You Will Thank Present You
If you've ever inherited someone else's spreadsheet with zero notes and 12 hidden tabs, you know the pain of poor documentation.
Workpapers provide continuity in reporting accuracy. They help new or future team members (or your future self) understand what was done, why it was done, and how to do it again. It’s like leaving behind a cheat sheet, but it’s not cheating.
- They’re Your First Line of Defense in Exams
When regulators come calling, they want answers—and fast. Good workpapers allow you to respond to questions confidently, without scrambling to recreate your thought process under pressure.
No awkward silences. No panicked responses. Just solid, well-documented backup.
- They’re a Sign of Strong Internal Controls
Workpapers aren’t just about ticking boxes—they're a reflection of your institution’s discipline and risk management. Well-organized documentation signals that your team is operating with care and professionalism, not cutting corners. They also allow a robust second review of the preparer’s work by another team member to further ensure accuracy.
And in a world where reputations matter, that goes a long way.
Final Word: Don’t Treat Workpapers Like an Afterthought
At the end of the day, Call Reports are only as good as the documentation that supports them. Workpapers might not get the spotlight, but they’re critical to your credibility, accuracy, and peace of mind. And there is no “one way” to get there. As long as the workpapers make sense and create a roadmap to re-create the call report- you are all set. Sticky notes, pencil checks, PDF notations- it can all work.
So next time you're knee-deep in report prep, give a little extra love to those tabs and tick marks. Your future self—and your examiners—will thank you.
