Financial

Audit Preparation Guide

Step-by-step guide for preparing your organization for financial audits — documentation, reconciliations, and internal controls.

Pre-Audit Planning

Confirm audit timeline, scope, and key milestones with auditorsAssign internal point-of-contact for each audit areaPrepare and distribute the auditor request list to all teamsSchedule conference rooms and system access for audit team

Financial Records

Complete all monthly and quarterly close proceduresReconcile all bank accounts and investment statementsPrepare accounts receivable and payable aging schedulesFinalize fixed asset register and depreciation schedules

Internal Controls Documentation

Document key controls for revenue, procurement, and payrollPrepare flowcharts for significant transaction cyclesTest sample transactions for each control pointDocument any control deficiencies and remediation plans

Supporting Schedules

Prepare debt schedule with terms, covenants, and complianceDocument lease obligations and right-of-use asset calculationsCompile related-party transaction list with terms and approvalsPrepare tax provision workpapers and deferred tax schedules

Post-Audit Follow-Up

Review draft audit findings and management letter commentsPrepare management responses and corrective action plansUpdate policies and procedures based on audit recommendationsArchive audit workpapers for regulatory retention periods

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