What do I need to prepare for an audit?
The key information needed for the audit are the management accounts (Trial Balance, Balance Sheet. P&L and Cashflow computations) and the draft financial statements, which typically must include key disclosures on the financial position at the end of the period, income statement and cashflow. This is assessed or verified in relation to bank statements and transaction records of the general ledger.
In addition it is common to include disclosures such as directors' shareholdings, directors interests in transaction or share options and related party transactions, segmental reporting and post balance sheet events. Any documents, contracts or formal communication in relation to such matters would be relevant for the audit.
As part of the audit, statutory compliance is also reviewed hence records of board meetings and board or shareholder resolutions should be prepared as well.