Preparing for an audit without the last-minute scramble
A calm audit is built across the year. The schedules and evidence to prepare before auditors arrive.
By HMG Editorial Team · Published
Audits reward preparation
Most limited companies are required to have their accounts audited each year, and lenders and investors often ask for audited accounts even where the law does not. The difference between a smooth audit and a stressful one is usually preparation.
What to have ready
Reconciled bank statements, a fixed-asset register, debtor and creditor listings, payroll and tax filings, stock counts where relevant, and signed agreements for loans and significant contracts.
Agree a timetable with your auditors early and name one person who answers queries. A single point of contact typically shortens the audit noticeably.
This article is general guidance only and is not individual tax, legal or accounting advice. Rules change; confirm your position with an HMG consultant before acting.
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