What should be on our audit preparation checklist?

A strong First Nations audit preparation checklist should include completed bank and credit card reconciliations, updated ISC funding schedules, PAYE reconciliation, deferred revenue continuity, payroll summaries, accounts payable and receivable listings, capital asset continuity, and support for major balance sheet accounts.

Your audit package should also include council minutes, funding agreements, significant contracts, and explanations for unusual variances or large adjustments during the year. Schedules should already tie back to the trial balance and financial statements before fieldwork begins.