Creations · South Africa
Annual financial statements and supporting working papers
Prepare year-end financial statements from reconciled records, using the reporting framework appropriate to the entity and the agreed engagement.
What the work covers
Use this scope to identify what you need. Your proposal will confirm the services, records, reporting frequency and fees for your business.
- Review of the trial balance and supporting schedules
- Proposed year-end adjustments for approval
- Draft financial statements under the applicable framework
- A list of missing records and unresolved disclosures
- A final reporting file after the required review and approvals
What to prepare
Tell us which records are available and where there are gaps. We can then distinguish ongoing work from any initial catch-up.
- Year-end trial balance and prior-year statements
- Bank, debtor and creditor reconciliations
- Asset, loan, inventory and payroll schedules
- Company records, agreements and significant post-year-end events
Timing and responsibility
Timing depends on the records, approvals and work required. Tell us about any deadline at the start. The engagement should identify the person handling your work, the review responsibilities and any external specialist needed.
Resolve the underlying balances
Financial statements depend on the books behind them. Confirm opening balances, reconcile control accounts and explain old or unusual items before finalising the reporting. Separate historical reconstruction from the preparation engagement so its cost and timing are clear.
Preparation and assurance are different services
An audit or independent review is a separate engagement with its own eligibility and independence requirements. Establish which reporting and assurance obligations apply to the entity. Do not describe preparation work as audited or independently reviewed unless that separate work has been completed.
How the work progresses
- 01
Review the requirement
Identify the entity, reporting period, records and deadline.
- 02
Agree the scope
Set the outputs, responsibilities, fees and approval process.
- 03
Prepare and resolve
Work through the records and raise missing information or decisions.
- 04
Review and hand over
Complete the agreed approvals and retain the outputs and outstanding actions.
Questions before you start
Does this include an audit?
No. Audit and independent-review work must be expressly scoped with an appropriately authorised practitioner.
Can you prepare statements from incomplete books?
The gaps need assessment first. Reconstruction, missing evidence and unresolved balances can affect both the fee and the reporting timetable.
Let’s define the next step.
Tell us what you need, what is outstanding and when it matters.