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
- Defining roles and responsibilities
- Dealing with barriers to successful audit
- How to respond to audit queries
6. Case Study
- Developing a Year-End File: Preparation of Supporting Schedules and Drafting Statutory Financial Statements.