Take the Stress Out of Year-End with Early Audit Preparation

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!