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Preparing for an Audit

Monday 29 July 2019
by Alex Peal - Partner

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An audit is mandatory for some entities and voluntary for other. Either way an audit is a vital part of the corporate reporting process ensuring that your accounting records are accurately prepared and the financial statements show a true and fair view. Many clients tell us that they are nervous about the audit; this should certainly not be the case. However, even for the audit veteran there are things you can do to help the process run smoothly for both our team and you. We’ve put together some tips to help you prepare for your next audit!

Before we arrive

A few weeks before our audit team is due to visit we will send you a list of “audit deliverables” – this is simply a list of the things we will need from you as part of the audit.

This will typically include (but is not limited to):

  1. Fixed asset register detailing all additions, disposals and disposal proceeds.

  2. Aged creditors and aged debtors reports that reconcile to the trial balance.

  3. An analysis of the amounts received since the year end from a sample of pre-selected customers.

  4. A reconciliation of the payroll charge shown in the accounts to payroll reports.

It’s also very helpful if we have access to your accounting software package so that our team can pick samples in advance of their visit and providing us with an excel trial balance will only help the process along.

On-site

Once the audit team is on site it is important that the finance staff and any others team members, for example payroll or sales, are available to speak with. This helps us with any questions and ensures we are getting the correct information on your company.

After the audit

After the field work has been completed and the audit team has left we may still contact you with follow up queries regarding our work. It’s always helpful if the member of staff who is best suited to answer these questions is aware we might be in touch.

If you have any further questions on what happens during an audit and how to prepare please do not hesitate to contact us.

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