Audit season is back!

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.

Let's talk! Send an enquiry to your local UHY expert.