A first audit is far less stressful when the information auditors need is ready before they arrive. Most delays come from documents that exist but cannot be found, or figures that have not been reconciled.
What auditors usually ask for
- A trial balance that agrees to the draft financial statements.
- Bank statements and reconciliations for every account at year end.
- Receivables and payables listings that agree to the ledger.
- A fixed asset register showing additions, disposals and depreciation.
- Stock count sheets and the valuation workings, where you hold inventory.
- Payroll records and evidence of end-of-service benefit calculations.
- Key contracts, loan agreements and board or shareholder minutes.
Making the process smoother
Agree a timetable with the audit team early, name one person to handle their requests, and keep supporting documents in a shared folder organised by the same headings as the financial statements. Explain unusual transactions when you send the documents rather than waiting to be asked.
A well-prepared file shortens the fieldwork, reduces the number of follow-up questions, and leaves your team free to keep running the business.