Preparing for your statutory audit: what to have ready
Most audits that overrun do so for the same handful of reasons, and almost all of them are settled before the auditors arrive.
Have the trial balance closed and agreed to the ledgers, with the prior year's audited figures brought forward. Have bank statements for every account for the full period, with reconciliations prepared to the year-end date and reconciling items explained. Have the fixed asset register updated for additions and disposals, with the supporting invoices and board approvals attached.
Have the schedules ready: debtors and creditors listings that agree to the control accounts, stock sheets with the count date and the person who counted, payroll summaries reconciled to the returns filed, and a schedule of loans with the agreements behind them. Have the statutory records to hand — the minute book, the register of members and directors, and the previous year's filings.
Set aside a working space and name one person who can answer questions and get documents released. More audit time is lost waiting for a file than examining one.
Where accounting records need to be written up before an audit can begin, we provide accountancy services separately from the audit, and charge for them separately, so the two are never confused. If you would like the full pre-audit checklist for your organization's circumstances, contact the office and we will send it.
Have the trial balance closed and agreed to the ledgers, with the prior year's audited figures brought forward. Have bank statements for every account for the full period, with reconciliations prepared to the year-end date and reconciling items explained. Have the fixed asset register updated for additions and disposals, with the supporting invoices and board approvals attached.
Have the schedules ready: debtors and creditors listings that agree to the control accounts, stock sheets with the count date and the person who counted, payroll summaries reconciled to the returns filed, and a schedule of loans with the agreements behind them. Have the statutory records to hand — the minute book, the register of members and directors, and the previous year's filings.
Set aside a working space and name one person who can answer questions and get documents released. More audit time is lost waiting for a file than examining one.
Where accounting records need to be written up before an audit can begin, we provide accountancy services separately from the audit, and charge for them separately, so the two are never confused. If you would like the full pre-audit checklist for your organization's circumstances, contact the office and we will send it.
