Public-company audit preparation organises financial statements, governance evidence and supporting schedules for the applicable audit engagement.
Understanding Public Company Audit Preparation
When to consider this service
Finance leaders, audit committees and process owners preparing a defined review of records and controls can use this service to clarify a particular issue. A useful starting question is: “Does audit preparation replace the company’s appointed statutory auditor?” Begin with the facts behind that question rather than assuming that a standard package will resolve it.
Scope of work
The engagement can cover the following workstreams. The proposal specifies which apply to your matter and what evidence or specialist input is needed.
- Assess reporting and statutory-audit requirements.
- Prepare account schedules and control evidence.
- Coordinate auditor queries and closure.
Documents and information to prepare
Start with the records below where available. They help establish the facts before a more specific checklist is agreed.
- Financial statements.
- Board records.
- Reconciliations.
- Statutory registers.
Provide the relevant entity, transaction or reporting period and any existing notice or deadline. Identify missing or inconsistent records so they can be addressed explicitly.
A key issue to resolve
Audit preparation and the independent statutory audit are separate; the appointed eligible auditor retains responsibility for the opinion.
How the engagement works
- Define the question: assess reporting and statutory-audit requirements, using the available financial statements and the facts you provide.
- Examine the evidence: prepare account schedules and control evidence. Record unresolved information and the assumptions that affect the analysis.
- Agree the action: coordinate auditor queries and closure. Set the required deliverables, responsible owners and any follow-up or external dependency.
Deliverables, fees and timing
The proposal for Public Company Audit Preparation sets out the analysis, documentation or coordination deliverables and the work you retain. The availability of financial statements, board records, reconciliations and statutory registers affects readiness and the amount of follow-up needed. Fees and the working schedule are agreed after that initial assessment. Any required independent report, legal representation or authority application is identified as a separate responsibility where relevant.
Discuss your requirement
Share a short summary of your Public Company Audit Preparation requirement and the records already available. BIATConsultant can assess the proposed scope and explain the next steps.
FAQ
Practical questions about Public Company Audit Preparation.
Does audit preparation replace the company’s appointed statutory auditor?
Audit preparation and the independent statutory audit are separate; the appointed eligible auditor retains responsibility for the opinion.
What records should I prepare for Public Company Audit Preparation?
What can the scope of Public Company Audit Preparation include?
How are fees and the schedule agreed?