The annual statutory audit can be a smooth process if your documentation is solid and structured. In auditing, thorough preparation is 80% of the successful completion of the work.
Essential Document List
Before the auditors arrive, ensure the following core files are reconciled and ready for review:
- Full, updated Trial Balance and General Ledgers.
- Bank Reconciliation Statements (BRS) for all active accounts.
- Detailed Fixed Asset Register (FAR) with depreciation workings.
- Year-end Inventory Valuation Reports and Stock Sheets.
- External confirmation of balances from key debtors and creditors.
A well-organized digital document folder can reduce total audit time and auditor queries by up to 50%.
Verification of Internal Controls
Auditors will also test the design and operating effectiveness of your internal financial controls. Ensure your approval workflows for significant expenses and payments are clearly documented and consistently followed.
Need an Internal Review?
We provide pre-audit reviews to identify documentation gaps and ensure your firm is fully audit-ready before the final deadline.
Audit Readiness