Our checklist has everything you need to prepare your business for year-end audits. Stay compliant, organized, and stress-free.
1. Review Financial Statements:
- Ensure all financial statements are complete, accurate and up-to-date.
- List out Prior period adjustments required- if any
2. Bank Reconciliation:
- Reconcile all bank accounts, bank loans, credit card statements, and other financial accounts.
- Resolve any discrepancies found during the reconciliation process.
3. Update Inventory Records:
- Conduct a physical inventory count.
- Adjust inventory records to reflect actual stock levels.
4. Verify Accounts Receivable and Payable:
- Confirm that all invoices have been sent and payments received.
- Ensure all outstanding bills are paid and recorded.
5. Review Tax Filings:
- Check that all tax filings are complete and accurate.
- Prepare any necessary documentation for tax purposes.
6. Review Fixed Asset Register :
- Check whether all the Asset additions & deletions are accounted properly
7. Assess Internal Controls:
- Evaluate the effectiveness of internal controls.
- Implement any necessary improvements to strengthen financial oversight.
8. Review & Reconciliation of Miscellaneous Items:
- Forex Gain or Loss workings and ensure it was properly accounted.
- Reconciliation of Accrual & Prepaid Expenses
- Reconciliation of Unbilled & Deferred Revenue
9. Prepare Supporting Documentation:
- Gather all supporting documents for financial transactions.
- Organize documents for easy access during the audit.
10. Consult with Your Auditor:
- Schedule a meeting with your auditor to discuss any concerns.
- Provide any additional information requested by the auditor.
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