Start with the full business picture
List all activities, locations and accounting files. Tell the team about trading accounts, other income and earlier-year issues that may need review.
Put these records together
The final request depends on the engagement, but these are useful starting categories.
- Trial balance, ledgers and prior financial statements
- Bank statements and balance explanations
- Fixed assets, loans, customer dues and supplier balances
- GST, TDS and tax-payment workings
- Supporting records for year-end adjustments and open questions
A practical example
A bank balance agrees, but an old customer balance has no supporting invoices. Both the matched balance and the unresolved item need to be visible in the audit preparation.
Track the work through to completion
Maintain a list of questions and who will answer them. Audit reporting and return filing are separate steps. Applicability, reporting requirements and acceptance are reviewed for the business and period.
Examples are illustrative. General guidance, not a conclusion on your particular facts. Requirements and available routes should be checked for your business and period.