Getting Ready For 2010 External Audit

bronnamdi By bronnamdi, 4th Apr 2011 | Follow this author | RSS Feed | Short URL http://nut.bz/7218ogif/
Posted in Wikinut>Writing>Personal Experiences

We are just in the middle of the preparation for our organisation's 2010 financial audit. This is what we have been going through.

Getting Ready For The Annual Audit

Today, I received the Client Participation Schedule marking the unofficial commencement of our annual audit. I, as the person in charge of the accounts had written to our External Auditors a few weeks ago telling them that we were ready for the audit exercise and requested them to do the needful so that the audit can commence in earnest.

I had also spoken with the Engagement Partner on the phone to straighten out a few gray areas.

As at today, our auditors have pushed the ball in our court with this schedule they have sent to us.

We are required to make available all the listed items in the schedule before the official commencement of the annual audit exercise.

We are already poised to start providing them so that the audit can commence in earnest.

Content Of The Client Participation Schedule

I will give you details of some of the items that make up the client participation schedule as given to us by our external auditors.


DEBTORS AND PREPAYMENTS
Staff advance schedule
Staff debtors schedule
Other debit balances schedule
Prepaid expenses schedule


CASH AND BANK BALANCES Bank reconciliation for all bank accounts from January-December 2010, this should include all foreign bank accounts.
Details of fixed deposit accounts with approvals (if any)
Cash certificate at year end
Bank statements for all bank accounts from January-December 2010.
Used Cheque stubs for all banks from January 2010 till date


FIXED ASSETS Fixed assets schedule showing the NBV at the end of the year and all relevant computations at arriving at that.
Cumulative depreciation at 31/12/2010 and current year charge.
Cumulative charge on disposal at 31/12/2010
Additions and disposals during the year
Profit/loss on disposal
Insurance cover policies on all fixed assets at 31/12/2010.
Original third party documents for all fixed asset additions in the year.

The above is just a part of what we are required to make available. We hope to give them to our auditors this week so they can come and assess our preparedness prior to the commencement of the audit.

I will keep you posted on the overall progress of the audit or as soon as we reach any milestones.

Tags

2010, Audit, Auditor, External Audit, Finance, Finances, Financial Accounting And Reporting, Financial Audit, Financial Control, Financial Management, Financial Statements

Meet the author

author avatar bronnamdi
I am an internet marketer who is online to make contacts, network with like minded fellows and make money on the internet using the easiest means available. I am a Chartered Accountant and married.

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Comments

author avatar Rathnashikamani
12th Apr 2011 (#)

Good and informative piece about financial audit and how to prepare for it.

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author avatar bronnamdi
13th Apr 2011 (#)

Thanks Rathnashikamani.

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author avatar Denise O
13th Apr 2011 (#)

Great info my friend. My husband and I were audited back in 2000, what a pain in the ***. Thank you for sharing.:)

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author avatar bronnamdi
13th Apr 2011 (#)

Thanks Denise. We are trying to meet with their needs. We shall succeed.

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