FINANCIAL SERVICES
Prepare financial statements with a defined basis and review trail.
Financial statement preparation requires organised records, a clear reporting period and agreement on the applicable basis of preparation. We help assemble information and supporting schedules for the statements described in your engagement. The level of work, responsibilities and intended use are established before a document is presented as final.
Confirm the reporting context
We ask about the entity, period, users of the statements and any reporting requirements already identified by your professional adviser or intended recipient. The engagement should distinguish preparation from a compilation, review or audit engagement. Those labels are not interchangeable. Where a specialist qualification or authorisation is required, the appropriate arrangements must be confirmed before that service is accepted.
Organise the supporting information
The preparation process may involve the trial balance, reconciliations, asset schedules, receivable and payable information, and management explanations. Proposed adjustments and disclosures are reviewed with the responsible people. The availability of complete information affects the work and timetable. Unsupported balances are raised as issues rather than treated as settled facts.
Approve and identify the final version
Management approval, signatory responsibilities and issue controls are documented according to the engagement. The final file should identify its period, version and relevant limitations. A document reference can help recipients locate its issue-status record, but it is not a substitute for an authorised signature, any applicable professional identifier or the work necessary to express an assurance opinion.
Frequently asked questions
Does preparation mean the statements have been audited?
No. Preparation does not, by itself, provide audit assurance. An audit is a distinct engagement with separate professional requirements.
What affects the delivery date?
The quality of the records, unresolved balances, required disclosures and approval process all affect the timetable. We discuss these factors during scoping.