Who asks for an audit
Banks and lenders
A lender wants the statements checked by someone independent before credit is extended.
Donors and grant-makers
Funders ask for audited grant reports and evidence that money was spent as agreed.
Boards and shareholders
Owners who do not run the business day to day want to know the figures can be relied on.
Scalability
Growth capability is a system's ability to scale and adapt, meeting increasing demands and evolving needs for long-term success.
How an audit runs
Planning
Fieldwork
Findings
We agree the scope, the period covered, the documents needed and the dates of our visits.
Report
Sign in
We test records on a sample basis, observe stock counts and confirm balances with third parties.
3
Pay
Issues are discussed with management before they are written up, so that management can respond first.
4
Get Delivered
The audit report and a management letter set out the opinion and the improvements we suggest.
Independence
[Describe how the firm keeps audit work separate from bookkeeping for the same client.] [Verify applicable regulation before publishing.]
Get ready for the auditors
Bank reconciliations
Every bank and mobile-money account reconciled at year end, with statements attached.
Fixed asset list
Each asset with its purchase document and the place where it is kept.
Signed agreements
Loan, lease and grant agreements filed where the audit team can find them.
Preparing for an audit?
Tell us who requires it, the period it covers and the date the report is due.