Executive summary (30 seconds):
The coordinator should be the first point of contact for the financial audit, keep the open-items list current and escalate only those matters that truly need CFO or board judgement.
The coordinator should be the first point of contact for the financial audit, keep the open-items list current and escalate only those matters that truly need CFO or board judgement.
Timeline — when to start
| When | What to do | Owner |
|---|---|---|
| 6 weeks before | Appoint the audit coordinator and agree timing with the auditor. | CFO / Management |
| 4 weeks before | Close bank reconciliations, start balance confirmations, update the lease register. | Chief Accountant |
| 3 weeks before | Prepare provision support, disputes file, CIT and deferred tax calculations. | Finance / Legal |
| 2 weeks before | Update notes, accounting policy and subsequent events list. | Chief Accountant / CFO |
| 1 week before | Send the first document pack and confirm availability of key people. | Audit Coordinator |
Checklist of documents and reconciliations
- Bank confirmations and reconciliations
- Receivable and payable confirmations for key balances
- Draft financial statements and trial balance, supported by a due diligence checklist for core risk areas
- Current tax and deferred tax calculations
- Lease register with amendments and rates
- Provision calculations and legal opinions where relevant
- Related-party transactions schedule and TP support
- Updated accounting policy and draft notes
- List of subsequent events up to sign-off
What most often slows the audit
From my practice: Provisions without written support — the company knows the rationale, but nothing is documented.
From my practice: Notes rolled from prior year — the business changed, but disclosures did not.
From my practice: Missing confirmations — internal extracts replace external reconciliation.
Practical win: one tracker with status, owner and due date for every document reduces confusion dramatically.
Who should coordinate the audit
The coordinator should be the first point of contact for the financial audit, keep the open-items list current and escalate only those matters that truly need CFO or board judgement.
FAQ
Common questions
Should the auditor wait for complete documentation before starting?▾
Not entirely. Planning and analytical work can start earlier, but key documents still need to be ready in time for the audit to finish smoothly.
What if not all documents are ready?▾
The audit takes longer, the cost may rise and, in severe cases, the lack of evidence can affect the opinion.
Want to discuss how this topic applies to your company?
Book a short consultation with a statutory auditor and assess which risks or actions may apply to your situation.
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