Start with scope and timing.
Agree the period, timetable and initial information requests with the external auditor. Assign an owner to each request.
Connect the statements to the records.
Prepare a bridge between financial statements, the general ledger and supporting schedules. Record unexplained differences rather than hiding them.
Reconcile material balances.
Focus on banks, receivables, payables, assets and other material areas. Retain the source and date for each reconciliation.
Document important judgments.
For estimates and unusual transactions, set out assumptions, approvals and supporting evidence. Client management remains responsible for decisions.
Keep one open-items list.
Track requests, owners, deadlines and status. Agree a secure channel for transferring documents before using it.
Separate preparation from independent assurance.
Audit readiness is not an audit. The external auditor determines specific requirements and no audit conclusion can be promised in advance.
This is a general working guide, not individual tax, legal or investment advice.