Audit deadlines are easier to meet when the organisation and auditor agree on a timetable and the required information is available. A few common issues can slow progress.

Incomplete reconciliations

Unreconciled bank accounts or differences between supporting schedules and the general ledger can lead to additional queries.

Before submitting your records, complete the year-end reconciliations and investigate unexplained differences. Check that schedules for receivables, payables, fixed assets, loans and provisions agree with the accounts.

Missing supporting documents

A balance in the accounting system may need invoices, agreements, statements or calculations to support it. Locating these documents during the audit can take time, particularly if they are held by several people.

Use the audit checklist to gather documents in advance and organise them by account or topic.

Unavailable staff or slow responses

An audit can stall when the person who understands a transaction is unavailable. Nominate a key contact and arrange backup contacts for important areas, such as payroll, grants and financial reporting. Tell your auditor about planned leave and respond to queries with the relevant explanation and supporting documents.

Changes late in the process

Changes to the financial statements or accounting records may require further audit work. Keep track of adjustments and tell your auditor when a revised version is provided.

Planning too close to the deadline

Allow time for audit queries, adjustments, review and approval of the financial statements. Work backwards from your reporting deadline rather than treating it as the date the audit should begin.

Audit Edge agrees on an audit timetable with your organisation and confirms the information required upfront, helping you prepare for your reporting deadline.