Preparing for a UK statutory audit: practical considerations for finance teams

For US organisations with UK operations, the challenge of a statutory audit often lies less in the audit itself and more in how prepared the underlying information and processes are. Finance teams are typically asked to gather data from multiple sources, support forecasts used in going concern assessments, and document intercompany balances and internal controls before fieldwork begins. 
 
A consistent month end-close, well organised evidence for balance sheet positions, and early visibility of major transactions or operational changes can all help the audit progress more smoothly. Planning conversations scheduled in advance, along with ongoing communication with auditors, particularly when teams are spread across locations, also help keep the process coordinated. 
 
Read more from ZEDRA on practical steps finance teams can take to prepare for a UK statutory audit.