Checklist for Preparing Your Business for Year-End Financial Audits

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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