Audit preparation is an opportunity to organise the evidence behind your financial reporting. Good preparation supports an effective process; it does not determine or guarantee the audit outcome.
Agree the information request
Start with the engagement team’s information requirements. Allocate each item to someone who understands the relevant records and can explain the underlying transactions.
Prepare supporting schedules
Keep important balances connected to their supporting documentation. Reconciliations, fixed asset records, ageing reports and significant agreements are common starting points, subject to the engagement.
Explain changes early
Changes in operations, systems, ownership or significant transactions may affect the information needed. Share the context with the engagement team and retain a record of key discussions.
Track open questions
Use one clear list for outstanding documents and queries. Assign an owner, record the current position and update it as issues are addressed. A disciplined process helps everyone understand what remains to be done.
