Taking simple steps now for a calmer, more confident year-end audit
With audit season fast approaching, the busy September period can place significant pressure on finance teams. Finding time to begin year-end preparations during this period can be challenging. Starting year-end preparations over the summer can help reduce these pressures and improve audit readiness.
Actions you can take ahead of September to help reduce audit pressures:
- Make year-end adjustments for income and expenditure on your finance system
- Begin completing the disclosure spreadsheets provided by the auditors
- Update your fixed asset register
- Gather all tender documentation
- Collate all trust and finance/audit board meeting minutes
- Ensure all capital invoices are easily accessible. Where invoices are in hard copy, scan and store them electronically.
- Gather DFE and LA income remittances
- Save down all payroll reconciliation documentation for the year
- Review and resolve any unreconciled differences on the balance sheet
These are a few simple steps to reduce year-end stress. If you require support with your audit, EduFin offers audit assurance visits to help achieve a positive audit outcome.
If you require any support with your audit or year-end preparations, please do get in touch!
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