Annual statutory audit is a major event for CFO/Head of Finance. What should be the ideal approach to prepare for annual audit?
Is this question related to facing external auditor? or how to prepare financial statements for audit? Kindly make it clear.
The question is related to facing external audit.
To face and prepare for external audit you may note the following: - Prepare the draft financial statements including notes to the FSs - Keep ready the TB and GL - Keep ready all schedules and detailed notes of items mentioned in SOFP & SOCI/IS - Keep ready all supporting documents like bills, vouchers, challan, meeting minutes, etc - Keep ready all reconciliation statements like bank, inter company, Modules and GL etc. Hope this will serve your purpose.