A practical guide to audit readiness
M. H. Jain & Co. | Chartered Accountants

General preparation checklist

Start with the agreed scope
[ ] Confirm the reporting period and entities in scope.
[ ] Agree how records will be shared with the engagement team.
[ ] Keep a single list of requests, owners and outstanding items.

Prepare the core financial records
[ ] Label files with the entity, period and version.
[ ] Keep prior-period comparatives readily available.
[ ] Record explanations for significant adjustments.

Work through reconciliations
[ ] Gather relevant bank reconciliations and statements.
[ ] Review customer and supplier balances.
[ ] Connect schedules for inventory and fixed assets to the ledger.

Connect transactions to evidence
[ ] Make it easy to trace selected entries to invoices, agreements, approvals and other relevant documents. Keep records in a consistent structure and use a clear file-naming approach. Ask the engagement team about the appropriate sharing channel for confidential information.

Prepare for a useful discussion
[ ] Let the engagement team know about significant changes in operations, systems or accounting processes. A short list of unusual transactions and unresolved questions can make the review more focused. This guide provides general preparation ideas; the exact information needed depends on the engagement.

General information only. Confirm your engagement requirements with your adviser.
Contact: jainmh@gmail.com | +91 22 3590 7618