Knowledge Centre

Make audits faster, cheaper, and less stressful by getting audit-ready with your accountant.

Audit Preparation & Support

1. What You Need to Know

Even if your accountant doesn’t perform the external audit, they can prepare your business for it. 
Audit preparation means ensuring records, reconciliations, and working papers are complete and accurate before auditors arrive. This cuts down the time auditors spend on-site, reduces fees, and minimises findings. 

2. Why It Matters to You  

Audit support saves you money and protects your credibility. 
Reduces audit fees by cutting audit time. 
Prevents unnecessary audit findings. 
Makes audits smoother with fewer disruptions. 
Improves confidence with investors, banks, and regulators. 

3. Frameworks, Standards, or References 

Audit preparation is based on recognised assurance standards and accounting best practices. 

  • Frameworks to use: Working paper preparation, Risk-based audit readiness checklists. 

  • Standards & compliance: IFRS for SMEs (financial reporting), Companies Act (audit requirements). 

  • References: ISAs (International Standards on Auditing) for understanding auditor expectations, CIBA practice guides on assurance support. 

  • What your accountant will actually do: 

  • Prepare trial balances, reconciliations, and schedules. 

  • Ensure documentation supports all financial statements. 

  • Draft audit working papers. 

  • Liaise with auditors to resolve queries quickly.  

4. How to Apply

Steps to get audit-ready with your accountant: 

  1. Engage your accountant to review records ahead of audit season. 

  2. Prepare reconciliations for all key accounts (bank, debtors, creditors). 

  3. Organise supporting documentation for major transactions. 

  4. Conduct a pre-audit review to identify gaps. 

  5. Provide auditors with clean, ready-to-test files. 

5. Common Mistakes to Avoid 

Avoid these errors that make audits costly and painful: 

  • Waiting until the auditor arrives → Prepare months in advance. 

  • Incomplete records → Keep all invoices and supporting documents. 

  • Ignoring reconciliations → Unreconciled balances delay audits. 

  • No liaison person → Assign your accountant as the auditor’s contact.   

 

6. Need Help? 

Still stuck? We’re here to help. 

  • [Open a Support Ticket – tagged: Compliance Reporting]