Audit Support & Year-End Readiness
A smooth audit starts with reliable accounting records, reconciled balances, complete supporting schedules and clear explanations for significant transactions.
LGR helps Malaysia and Singapore businesses prepare their accounts and supporting information for audit, coordinate audit queries and address accounting issues identified during the year-end process.
AUDIT SUPPORT · MALAYSIA & SINGAPORE
At a glance
Audit readiness: Review records before audit starts
Year-end closing: Reconciliations and accounting adjustments
Audit schedules: Prepare supporting schedules and analyses
Financial statements: Preparation and review support
Audit queries: Coordinate information and responses
Accounting issues: Identify and resolve matters before finalisation
Coordination: Work with management, accountants, tax advisers and auditors
Accounts & Closing
The trial balance and general ledger should reflect all known year-end transactions and accounting adjustments.
Key accounts should be reviewed and reconciled before the information is provided to the auditor.
Supporting Schedules
Major balance-sheet and profit-and-loss accounts should be supported by appropriate schedules, reconciliations and underlying documents.
Clear schedules make it easier to trace amounts from the financial statements back to the accounting records.
Unusual transactions, related-party matters, financing, leases, investments, foreign-currency items and significant estimates should be identified early.
Supporting agreements and management explanations should be available where relevant.
Significant Transactions
Audit delays often arise because accounting records are incomplete, balances are unreconciled or supporting information is only prepared after audit queries are received.
Preparing the financial information before fieldwork begins allows management to identify issues earlier and reduces unnecessary back-and-forth during the audit.
The exact requirements depend on the company's operations, accounting records and the auditor's information request.
What should be prepared before the auditor starts?
BEFORE THE AUDIT
AUDIT PREPARATION
What information is commonly needed for audit preparation?
The required information varies between businesses, but a well-organised audit file normally combines the accounting records with schedules and documents supporting significant balances and transactions.
Accounting Records
Trial balance
General ledger
Management accounts
Bank reconciliations
Accounts receivable ageing
Accounts payable ageing
Fixed asset register
Inventory records
Payroll records
Related-party balances
Tax balances
Supporting Documents
Bank statements
Major customer and supplier invoices
Contracts and agreements
Loan and financing documents
Lease agreements
Investment statements
Board and shareholder resolutions
Legal correspondence, where relevant
Tax computations and filings
Prior-year audit adjustments
Additional information may be required depending on the company's industry, transaction complexity and specific audit risks identified by the appointed auditor.
OUR PROCESS
How LGR supports the year-end audit process
Our work begins before the audit file reaches the appointed auditor so that obvious accounting and documentation issues can be addressed as early as possible.
02 — Close & Reconcile
We review the available trial balance, general ledger, management accounts and key supporting schedules to understand the state of the year-end records.
01 — Review the Accounting Position
We help complete agreed reconciliations, account analyses, schedules and accounting adjustments required to bring the records to an appropriate year-end position.
03 — Prepare for Audit
We organise the agreed supporting schedules and documents and identify areas that may require additional management explanation or evidence.
During the audit, we help coordinate accounting information, respond to agreed audit queries and process approved adjustments until the financial information is finalised.
04 — Coordinate Through Completion
YEAR-END REVIEW
Which areas commonly require attention before audit?
A focused year-end review helps identify balances that are incomplete, unsupported or inconsistent before they create delays during the audit.
Bank balances should be reconciled and reconciling items investigated.
Receivable and payable balances should be reviewed for ageing, completeness, recoverability, cut-off and unusual items.
Cash, Receivables & Payables
Fixed Assets & Inventory
Asset additions, disposals and depreciation should be updated and supported.
Businesses holding inventory should maintain appropriate quantity, costing and year-end count information.
Accruals, Provisions & Cut-Off
Expenses and income should be recorded in the appropriate reporting period.
Material estimates, provisions and outstanding liabilities should be reviewed and supported by the relevant basis or documentation.
Related Parties & Unusual Transactions
Transactions with directors, shareholders and group companies should be separately identifiable.
Significant or unusual transactions should be reviewed for appropriate accounting treatment and disclosure.
AUDIT COORDINATION
How can LGR help during the audit process?
Even well-prepared accounts may generate additional audit questions, supporting-document requests or proposed adjustments.
LGR can assist management with the accounting side of these matters, helping organise information and evaluate proposed accounting adjustments before they are processed.
The appointed auditor remains responsible for conducting the independent audit and reaching the audit opinion.
Audit queries
Gather accounting records, schedules and management information needed to respond to the auditor's requests.
Reconciliations
Investigate differences between accounting records and supporting documents identified during audit testing.
Proposed adjustments
Review the accounting impact of proposed audit adjustments with management before approved entries are recorded.
Financial statements
Coordinate financial-statement information and ensure final balances agree with the approved accounting records.
Prior-period matters
Review prior-year adjustments or opening-balance matters that may affect the current-year accounts.
Outstanding information
Track unresolved requests so that management has visibility over items required to complete the audit.
Common areas requiring coordination
HOW LGR ASSISTS
Trial balance review
General ledger review
Bank reconciliations
Receivable and payable schedules
Fixed asset schedules
Inventory information
Related-party schedules
Year-end adjustments
Audit schedules
Audit-query coordination
Financial-statement support
Final audit adjustments
Tax coordination
Audit support is separate from the independent statutory audit. Where an audit is required, the audit opinion is issued by the appointed independent auditor.
One coordinated year-end process
Bridging accounting records and the audit process
Businesses often experience audit delays because responsibility is divided between internal finance staff, outsourced accountants, auditors and management.
LGR can act as a practical coordination point for the accounting and financial-reporting side of the process, helping information move efficiently between the relevant parties.
Pre-audit review
We identify accounting records and schedules that should be completed before audit fieldwork begins.
Year-end closing
We assist with agreed reconciliations, accounting adjustments and year-end schedules.
Audit coordination
We help management organise accounting responses and information requested by the appointed auditor.
Completion support
We assist with final accounting adjustments and financial-information reconciliation through audit completion.
Frequently asked questions about audit support
These are some of the questions businesses commonly ask when preparing their accounts for year-end audit.
2. Can LGR prepare the accounts before the auditor starts?
Yes, depending on the agreed scope.
LGR can assist with accounting, reconciliations, year-end adjustments, supporting schedules and financial reporting so that the records are better prepared for audit.
3. Can LGR communicate with our auditor?
Yes, with the client's authorisation and within the agreed scope.
We can help coordinate accounting information and audit queries between management and the appointed auditor.
4. Can LGR help if the audit is already delayed?
Yes. We can first assess the outstanding accounting records, audit requests and unresolved matters and then agree on the work required to move the process forward.
The timeline will depend on the condition of the records and the availability of supporting information.
5. What if the auditor proposes adjustments?
LGR can help management understand the accounting effect of proposed adjustments and process entries that management approves.
Matters involving the auditor's audit conclusion remain the responsibility of the independent auditor.
6. Can LGR help with several years of overdue accounts and audits?
Potentially, yes.
Backlog engagements should first be assessed year by year because opening balances, missing records, prior-period adjustments and unresolved historical matters can affect subsequent periods.
COMMON QUESTIONS
1. Is audit support the same as performing the statutory audit?
No. Audit support helps management prepare accounting records, schedules and supporting information for the audit.
The independent statutory audit is performed separately by the company's appointed auditor.
CONTINUE EXPLORING
Related services & practical guidance
Accounting & Financial Reporting
Coordinate tax information and adjustments arising from the final accounts so that tax compliance can proceed after year-end closing.
Tax & Regulatory Support
Prepare reliable accounting records, management accounts, reconciliations and year-end financial information before the audit begins.
Corporate Advisory
Obtain support for complex accounting matters, restructuring, transactions and financial issues identified during the reporting process.
Explore Corporate Advisory →
How to Prepare Your Accounts for Audit
A practical checklist covering reconciliations, schedules, supporting documents and common year-end issues that businesses should address before audit.
Read the Guide →
PREPARING FOR AUDIT?
Need help getting your accounts ready for audit?
Speak with LGR about the state of your accounting records, outstanding schedules and audit requirements so that the year-end process can be approached in a more organised manner.