The auditor is the one who checks financial position of the company and advice as per the company's condition. The audit is not a simple process it requires a lot of information from clients regarding company's finances.
To conduct an audit, you need to provide auditor the following information:
Most companies use the basic accounting software-QuickBooks to maintain a record. You can easily transfer data from QuickBooks to excel or you can directly send the QuickBooks data to the auditor for analysis purpose. The general ledger guides auditor about the activity amount they need to perform to complete the audit.
The trial balance is the most favorite part of auditors. With the help of trial balance, all financial numbers can easily be traced and are the most important document of an audit. The trial balance is also included in QuickBooks or any other accounting software if using. It is better if you send trial balance in excel format which is easy to evaluate.
The management needs to disclose all information regarding loans to the auditor. Copies must be submitted to an auditor to make sure all the details are complete and correct. The expenses related to lease must also be presented to the auditor to ensure the accuracy.
Material contracts with customers, suppliers, buying and selling contracts and employment contracts must also be presented.
Companies need loans and finances to operate and the auditor must be informed about all the loans to the creditors. It is the management responsibility to provide loan statement to the auditor to make the confirmation and evaluation easy.
The invoices related to the asset purchase must be presented to the auditor. It helps auditor to make better analysis of cash outflow.
Even if you are not following GAAP, but filing tax returns need to schedules depreciation on the tax basis. The details need to be submitted to the auditor.
The auditor needs to read the board of director minutes of meeting as it includes information related to companies’ finances and statements. Thus keeps an up to date records of all meetings and submit them to the auditor.
The auditor will evaluate payroll expense if you have employees working for you. During the audit, an auditor can also evaluate if there is any unpaid or unrecorded payroll liability.
If you have stock issued to investors, employees and existing stockholders details must be submitted to an auditor to ensure the accuracy of stock expense.
You need to submit attorney name and address to the Listed auditors in the free zone - Abdul Hussain & Associates as they will acquire them regarding services and issues.
If you have started the business by doing a merger, such details need to be submitted to the auditor as they have the major impact on your financial statements.
Your auditor needs bank details as he will reconcile balance sheet with bank balance.
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