A GUIDE FOR FINANCE TEAMS
Preparing for a
financial statement audit.
Preparing records and coordinating internally helps a company manage the audit process. This guide outlines the initial information that management and finance teams can prepare before the audit begins.
Initial company information
- A brief company profile, business activities, and operating locations.
- The financial reporting period to be audited.
- The purpose of the audit and the intended users of the report.
- The required completion date and the current status of the accounting records.
- The name and contact details of the company’s main point of contact.
Supporting records
- Draft financial statements, trial balance, and general ledger for the relevant period.
- Accounting policies and the company’s organisational structure.
- Relevant schedules for cash and bank balances, receivables, payables, inventories, and fixed assets.
- Transaction records and significant company agreements.
- Prior-period financial statements and the previous auditor’s report, where available.
- Company legal documents, such as the deed of establishment and its amendments.
Document readiness and team coordination
Start by identifying which records are available and which still need to be prepared. Appointing a contact from the finance team helps coordinate information requests during the audit. This is an initial checklist; detailed requirements and document-sharing arrangements will depend on the company’s circumstances and the scope of work.
Planning your company’s audit
Our team can explain the initial engagement process and the information needed to plan your company’s financial statement audit.
Contact our team