Internal audit preparation and financial statements

services audit

With the high costs of auditing, it is important to review your financial information for the year. You can rely on us to iron out any discrepancies and ensure that your financial records are legible and in an easy-to-access manner.
We perform the following internal audit preparations to help you achieve this:

  • Year end journal processing, eg, depreciation
  • Reconciliation of loan accounts
  • Reconciliation of debtors and creditors age analysis to supporting documentation
  • Reconciliation of fixed asset register to general ledger
  • Compiling supporting documentation in an audit file for easy access

How we organise our records for auditing

The purpose of the journal entry for depreciation is to achieve the matching principle. In each accounting period, part of the cost of certain assets (equipment, building, vehicle etc…) gets moved from the balance sheet to depreciation expense on the income statement so it can be matched with the revenues obtained by using these assets. We also reconcile the necessary accounts, ledgers and supporting documentation to ensure your company is prepared for an internal audit. Records and documents are then arranged into a file system so that it can be accessed easily and quickly. Knowing your company’s financial information is balanced, organised and readily accessible is vital for current and future audits and referencing.

Financial statements

We compile financial statements that provide information about your company’s financial position, performance and changes in its financial position. Financial statements should be understandable, relevant, reliable and comparable. Reported assets, liabilities, equity, income and expenses are directly related to an organisation's financial position. The financial health of your company is apparent in these financial statements which include an income statement and a balance sheet, and often also includes a cash flow statement. Financial statements are usually compiled on a quarterly and annual basis.

Contact us to get these tasks done and adequately prepare your company for auditing.

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