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Effective Preparation for Statutory Audit

Effective Preparation for Statutory Audit
July 16, 2020
Sandton, 138 Rivonia Rd, Sandown, Sandton, 2196 Get directions

Participants to this workshop will, among other things, be able to:

  • Prepare a year-end (Audit Supporting Schedules) file for presentation to the auditors.
  • Prepare draft financial statements in statutory format.
  • Prepare notes to the accounts and all required disclosures from a case study.
  • Manage the audit process

1. Getting Organized

  • The Right System
  • Adequate Documentation
  • Finance Policies & Procedures
  • The Control Environment

2. Year-End Procedures

  • Final Adjustments to Trial Balance
  • Reclassifications of Account Balances
  • Preparation of Audit Supporting Schedules
  • Drafting Financial Statements in Statutory Format
  • Adequate Disclosures

3. Understanding Barriers to Successful Audit

  • Ineffective Control Systems // Inadequate Year-end Preparations
  • Lack of Proficiency in Audit Tests Application
  • Lack of Time Management Skills
  • Lack of Mutual Respect between Parties

4. Assessing your readiness

  • Pre-audit check list

5. Managing the Audit Process

  • Introduction
  • Defining roles and responsibilities
  • Dealing with barriers to successful audit

6. Case Study

  • Developing a Year-End File: Preparation of Supporting Schedules and Drafting Statutory Financial Statements.

How to respond to audit queries