Close the books properly
Complete all month-end reconciliations for the full year, including bank, receivables, payables and inter-company balances, and clear old items from suspense accounts before the audit starts.
Prepare the supporting schedules
Auditors will ask for a fixed asset register, ageing reports, accruals and prepayments listings, loan statements and a stock count report. Having these ready as tidy schedules shortens the audit considerably.
Gather key documents early
Collect your trade licence, memorandum of association, lease agreements, major contracts, board decisions and confirmations from banks. Missing documents are the most common cause of delay.
Agree a timetable
Set dates for fieldwork, draft financial statements and sign-off with your auditor, and make sure the people who can answer questions are available during those weeks.
This article is general information, not advice for your specific situation. Rules change, so please contact us before acting on it.
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