A little preparation makes the first audit faster, cheaper and less stressful.
Before fieldwork
Finalise reconciliations, prepare a trial balance and gather bank statements, contracts and payroll records.
What auditors ask for
Expect requests for bank confirmations, fixed asset registers, receivable and payable listings, and board or shareholder approvals.
After the audit
Review the management letter, act on control points and file the signed report with your free zone or lender.
Key takeaways
- Close the books before the audit starts
- Prepare supporting schedules in advance
- Respond to queries within two working days
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