The end of the financial year is almost approaching, and for auditors, that means busy season is just around the corner. Regardless of where you are in your current accounting cycle, an external audit doesn’t have to be disruptive. The key is to prepare, so that you can relax when the audit team comes calling.
Here’s what you need to prepare for the audit season:
- Previous year’s audited financial statements
- Current year’s financial statements
- Reconciled account balances
- Annual income tax returns
- Monthly and quarterly tax returns or declaration
- Documents and information to support the account balances
- Other required attachments and working papers
Financial statement audits should be seen as a learning opportunity and an investment in your company’s future. Preparing for your auditor’s arrival not only facilitates the process and promotes timeliness, but it also creates a partnership between in-house and external accounting resources.
To ensure that the company’s financial statements have been prepared in accordance with the financial reporting standards and local tax compliance requirements, the BIR and SEC deems that the financial statements must first be audited and certified by an independent auditor. Good thing, RTF Auditing and Accounting Firm is accredited to carry out these statutory obligations, allowing you to focus on strategic development areas of business.
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Contact us at +639617008971 to discuss any concerns as you prepare your preliminary year-end statements.
You may also visit our website at www.rtffirm.com to find the services we offer!
