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I haven’t worked on it directly but was an auditor on the financial reporting BP for a large accelerated filer.
The various SMEs were responsible for compiling their sections of the 10-Q/10-K within Workiva and then the financial reporting team works on MD&A and more general footnotes (Fn 1 as an example).
If it’s a large company like my client, they have a separate GL team who extracts trial balance into workiva as well. The financial reporting team is just responsible for reviewing everyone else’s sections, entering their sections and ensuring it goes through relevant reviews. They also have a close checklist to ensure they do everything they need to.
Afterwards they share the first draft with the auditors and the auditors provide comments. It goes on like this until the final draft is agreed upon and they file with the SEC.
Auditors also have a GAAP checklist that the clients need to fill in to confirm they’ve disclosed everything required.
Also at the big companies they have an accounting policy team who stays abreast of new guidance and they spend months ahead of effective date to get it ready to be disclosed in the financial statements. They’ll also work with the auditors as well to ensure they’re in alignment.
I assume at the smaller companies they might not have as many teams working on the 10k/10q but I don’t have experience with that.
Usually use a lot of crtl+f+r lol