Randomly selected theme: Preparing Financial Documents for an Indian Business Audit. Step into a clear, encouraging roadmap for audit readiness—stories, checklists, and habits that turn deadlines into calm delivery. Subscribe, ask questions, and share your experiences to help others prepare smarter.
Audit Readiness in the Indian Context
Anchor your preparation in India’s framework: Companies Act 2013, Income Tax Act, GST laws, and guidance from ICAI. Map your entity type, Ind AS versus AS applicability, and filing thresholds. Share your company type below, and we’ll suggest a tailored starting checklist.
Balance Sheet Integrity
Validate classification between current and non-current using India-specific guidance. Reconcile loans, advances, and security deposits to confirmations. Tie fixed assets to the register and CWIP aging. If you’ve faced a tricky classification, describe it and we’ll share decision cues.
Profit and Loss Clarity
Check revenue recognition policies against contracts, delivery terms, and credit notes. Review expense accruals, prepaid schedules, and capitalization thresholds. Ensure other income and finance costs are well supported. Share a revenue scenario, and we’ll propose a recognition logic to test.
Cash Flow and Notes That Explain
Prepare indirect cash flow with clear non-cash adjustments and working capital bridges. Draft notes on significant judgments, contingencies, and related party transactions. Ask for our notes drafting prompts, and we’ll message a simple outline you can reuse next year.
Supporting Documents and Statutory Registers
Maintain a register with location, serials, dates, componentization, depreciation methods, and disposals. Tie additions to invoices and approvals. If capitalization rules confuse your team, share a case, and we’ll respond with a decision tree you can adopt.
Internal Controls, SOPs, and ERP Evidence
Maker-Checker and Audit Trails
Document approvals for journals, payments, and master changes. Capture ERP audit trails and timestamped logs. If you struggle to demonstrate operating effectiveness, drop a note, and we’ll help frame test samples that make your control story credible.
Access and Segregation of Duties
Export user-role listings, identify superuser access, and document compensating controls. Review leavers’ deprovisioning timelines. Tell us your biggest SoD conflict, and we’ll suggest pragmatic steps to reduce risk without slowing daily business operations.
Change Management and Versioning
Track policy updates, master data changes, and template versions. Keep a dated index so auditors trace evolution easily. If version chaos is real, comment “INDEX” and we’ll share a lightweight system our readers love for month-end sanity.
Avoiding Common Pitfalls Before They Snowball
Tighten month-end cut-offs with GRN reviews, delivery proofs, and accrual logs. Revisit credit notes and rebates for timing accuracy. If quarter closes rush you, ask for our three-day close template to stop revenue and expense slippage.
Avoiding Common Pitfalls Before They Snowball
List related parties, obtain board approvals, and document pricing rationale. Ensure disclosures reconcile with ledgers and confirmations. Unsure how much detail is enough? Share your draft disclosure, and we’ll suggest clarity boosts auditors appreciate.
Audit Day Playbook and Communication
Publish a living ‘Provided By Client’ tracker with owners, due dates, and status. Attach evidence links and version history. Share your team size and we’ll suggest workload splits that prevent bottlenecks during peak audit questioning.
Audit Day Playbook and Communication
Create a clean folder hierarchy by year, area, and document type. Standardize filenames with dates and descriptions. Comment “STRUCTURE” to receive our naming patterns that help auditors self-serve without pinging you for basic retrieval help.