What Documents are Required by Auditor at the Time of Audit
What Documents are Required by Auditor at the Time of Audit
The documents required by an auditor at the time of an audit will vary depending on the type of audit and the specific entity being audited. However, some common documents that auditors may request include:
Financial statements
Accounting records
Internal control documentation
Correspondence with third parties
Tax returns
Legal documents
Board meeting minutes
Inventory records
Purchase orders
Sales invoices
Bank statements
Payroll records
In addition to these specific documents, auditors may also request any other documents that they believe are relevant to the audit. For example, if the auditor is auditing a company's inventory, they may request to see the company's physical inventory count sheets.
The auditor will also need to obtain representations from management about the accuracy of the financial statements and the effectiveness of internal controls. These representations are typically made in writing and are signed by the company's management team.
The auditor will use the documents and representations they obtain to assess the accuracy and completeness of the financial statements. They will also use this information to form an opinion on whether the financial statements are presented fairly in accordance with Singapore Financial Reporting Standards (SFRS).
Here are some additional tips for preparing for an audit:
Gather all of the required documents and make sure they are organized and easy to understand.
Provide the auditor with access to all of the company's records and systems.
Be responsive to the auditor's requests and questions.
Communicate openly and honestly with the auditor.
By following these tips, you can help to ensure that the audit process goes smoothly and that the auditor is able to complete their work effectively.
How Bestar can Help
Bestar is a corporate services provider in Singapore that offers a wide range of services, including company incorporation, accounting, and auditing. Bestar can help you with the following documents that are required by an auditor at the time of audit in Singapore:
Financial statements: This includes the balance sheet, income statement, statement of changes in equity, and statement of cash flows. The financial statements should be prepared in accordance with the Singapore Financial Reporting Standards (SFRS).
General ledger: The general ledger is a record of all financial transactions of the company. It should be well-organized and easy for the auditor to understand.
Supporting documentation: This includes invoices, receipts, bank statements, and other documents that support the financial statements.
Corporate records: This includes the company's articles of incorporation, bylaws, and minutes of board meetings.
Tax returns: The auditor will need to review the company's tax returns to ensure that they are accurate and complete.
In addition to the above documents, the auditor may also request other documents depending on the nature of the company's business. For example, if the company is in the manufacturing industry, the auditor may request to review production records and inventory records.
Bestar can help you prepare all of the necessary documents for your audit. We have a team of experienced accountants and auditors who can ensure that your financial statements are accurate and compliant with all applicable regulations.
Here are some additional tips for preparing for an audit in Singapore:
Start early: It is important to start preparing for your audit well in advance. This will give you enough time to gather all of the necessary documents and answer any questions that the auditor may have.
Be organized: The auditor will appreciate it if you have all of your documents organized and easy to find. This will save them time and make the audit more efficient.
Be cooperative: The auditor is there to help you ensure that your financial statements are accurate and compliant. Be cooperative and answer any questions that they may have honestly and to the best of your ability.
By following these tips, you can make the audit process a smooth and stress-free experience.
Contact us today!
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