Balances, supported.
Account reconciliations and schedules connecting your records to the balances under review.
Audit-Ready Finance
Prepared for review.
Audit preparation and year-end reporting for businesses across the Middle East and beyond. We organize reconciliations, supporting schedules and financial statements around your reporting requirements.
Discuss your year-endThe preparation, made visibleKnow what you’re
Know what you’re
working towards.
Balances connected to their supporting information, with differences identified and resolved.
Account balancesThe amounts recorded in your ledger.
Supporting schedulesInformation supporting each balance.
Reconciled totalsDifferences identified and resolved.
VERITAS / YEAR-END WORKING PAPERREF / LS.01
Lead schedule
Illustrative example · USD| Balance | Per ledger | Per support | Reconciliation status |
|---|---|---|---|
| Cash at bank | 248,310 | 248,310 | Agreed |
| Receivables | 96,450 | 96,450 | Agreed |
| Prepayments | 14,200 | 14,200 | Agreed |
| Payables | (71,880) | (71,880) | Agreed |
| Accruals | (22,615) | (22,615) | Agreed |
| Unreconciled difference | Nil | ||
Agreed to supporting schedules
Illustrative example only. Not client data.
A file with structure.
A document index and open-items tracker to organize the preparation file.
Year-end reporting.
Financial statement preparation under the agreed reporting framework, where included in scope.
A closer lookFrom scattered information
From scattered information
to a connected file.
The work is more useful when you can see how each part connects. Here’s an illustrative view of the preparation process.
Explore a section to bring its working paper forward.
Bank reconciliation
USD| Balance per bank statement | 251,960 |
|---|---|
| Less payments not yet cleared | (5,840) |
| Add deposits in transit | 2,190 |
| Balance per ledger | 248,310 LS, agrees to lead schedule |
Accruals at year end
USD| Audit fee | 8,500 |
|---|---|
| Utilities, December | 2,315 |
| Staff bonuses | 9,800 |
| Professional fees | 2,000 |
| Total accruals | 22,615 LS, agrees to lead schedule |
Document index
| A1 | Bank statements, all accounts | Received |
| A2 | Bank account listing | Requested |
| B1 | Accrual invoices | Received |
| B2 | Fixed asset additions | Received |
| B3 | Payroll reports | Received |
Open-items tracker
| Director loan agreement | You | Open |
| Receivables schedule | Veritas | In progress |
| Inventory count sheets | You | Open |
| Revenue cut-off support | Veritas | Done |
Statement of financial position, extract
USD| Cash and cash equivalents | 248,310 |
|---|---|
| Receivables and prepayments | 110,650 |
| Current assets shown | 358,960 |
| Trade and other payables | (94,495) |
Conceptual example, not a client file or assurance report.VERITAS
- UNDERSTAND
Start with the records.
Review your current records, reporting framework and auditor’s request list. Identify the gaps and agree the preparation scope.
- PREPARE
Connect balances to support.
Prepare reconciliations, supporting schedules and year-end financial statements where included in the engagement.
- ORGANIZE
Give the file a structure.
Index the supporting information and track outstanding items, so your team can see what is ready and what still needs attention.
- COORDINATE
Keep the questions connected.
Coordinate preparation responses and record unresolved questions, so the team can see what still needs attention.
Before we beginA few useful
A few useful
answers.
What is audit readiness?
Audit readiness means preparing the accounting records, account reconciliations and supporting schedules your external auditor needs to examine your financial statements. The aim is an organized preparation file with clear support for the balances under review.
Does this include an independent audit?
No. Veritas prepares records, schedules and agreed reporting for external review. Your external auditor performs the independent audit.
Can you work with our existing auditor?
We can discuss a preparation scope that complements your existing team and auditor. Responsibilities, information sharing and applicable independence requirements are agreed before work begins.
Is financial statement preparation included?
Yes, financial statement preparation can form part of the engagement. We confirm the applicable reporting framework, including IFRS where appropriate, the deliverables and the supporting information before work begins.
Do you support businesses internationally?
Veritas welcomes remote audit preparation enquiries from businesses across the Middle East and beyond. We confirm service suitability, reporting requirements and responsibilities before accepting an engagement.
What do you need to get started?
An overview of your business, current records, reporting requirements and upcoming deadline. Once the scope is agreed, we identify the information needed for preparation.
Your next stepLet’s prepare for
Let’s prepare for
your year-end.
Share your year-end date, audit timetable and current finance setup. We’ll discuss the preparation support you need.
Discuss audit readiness