In order to prepare and make the process as painless as possible here are some ideas to help the team approach the audit season.
- Agree a date for site visit – interim (if not already done) and final
- Ensure all year end accounts reconcile including: trade creditors listing to control account, trade debtors listing to control account, PAYE and pension to payroll reports, all bank accounts reconcile to bank statements.
- Check accruals and prepayments are correctly calculated
- Calculate accrued income on any grants receivable (where applicable)
- Ensure all other income areas are reconciled and sufficiently supported – bus services, trips, catering etc
- If these can be reconciled between any external recording system and the accounts this aids the auditors
- Be prepared for questionnaires addressing the regularity side of the audit.
- Reconcile the main income streams from statements and remittances to the accounts – GAG, capital grants etc
- Disclosure requirements can be found in the latest Coketown Academy accounts and the necessary support prepared in advance of the audit: Payroll notes in the accounts, pension disclosure, new academies joining etc.
The next step
If you need any guidance, then please contact your local UHY academy expert.
