The method, system and computer program product for verifying financial data provides tracking and reporting of the reconciliation and approval process by providing a hierarchical list of users responsible for verification of at least a portion of the financial data and automatically notifying the users responsible for the reconciliation and approval, based upon the hierarchical list, of their duties regarding the account. If the certifier and approver do not certify and/or approve the financial data within a specified timeframe, their supervisors, based upon the hierarchical list, will be automatically notified. In addition, any certification and approval of the financial data is recorded, which permits instantaneous reporting regarding the status of the certification and approval process. Moreover, outstanding issues associated with the financial data may be recorded and tracked, and the appropriate user(s) may be notified of the issue if it is without resolution after a specified timeframe.