Reporting & assurance

Audit readiness begins long before year-end

A practical framework for building records, reconciliations and controls into the monthly close.

An orderly year-end starts with consistent work throughout the year. A monthly close checklist should identify who prepares each reconciliation, who reviews it and when outstanding items must be resolved.

Keep supporting evidence alongside significant balances. Contracts, invoices, bank records and approval trails should be easy to retrieve and tied to the accounting records. Document significant estimates and the assumptions management has used.

Before an audit begins, agree the information request list and a realistic delivery schedule with the appointed auditor. Resolve historic reconciliation differences early. Readiness reduces avoidable disruption and gives management more time to address substantive reporting questions.

This article provides general information and does not replace advice on a specific engagement.