A first or more demanding audit
The team needs an organised request list, evidence trail and clear ownership of the preparation tasks.
Consult EFC · UK businesses · Sector agnostic
Reconciliations, supporting schedules, a prepared-by-client pack and coordinated responses, so your finance team can explain the records behind the year-end numbers.
When the current process needs more
Year end becomes difficult when the trial balance, underlying schedules and explanations do not agree. The finance team may be trying to finish the close while responding to new requests, finding invoices and rebuilding old reconciliations.
Consult EFC helps management organise the preparation work, investigate agreed record gaps and assemble a coherent set of schedules. We work with your appointed accountant or external auditor on the information they need. This is client-side preparation support; it is not a statutory audit or an audit opinion.
The team needs an organised request list, evidence trail and clear ownership of the preparation tasks.
Bank, debtor, creditor, payroll, fixed-asset or other schedules need work before the numbers can be explained.
The same query is answered several times, schedules change without explanation and no one can see what remains open.
Agree the outputs before the work
An agreed review of the year-end trial balance, close checklist and supporting reconciliations, with differences investigated and unresolved items recorded.
Preparation or repair of the agreed schedules, such as debtors, creditors, fixed assets, accruals, prepayments, debt, payroll or tax-control balances.
An indexed prepared-by-client pack aligned to the auditor’s agreed requests, with file owners, dates, versions and evidence links.
A record of missing evidence, proposed adjustments, judgemental matters and dependencies requiring management or specialist input.
A structured process for collecting questions, allocating responses, tracking changes and reducing avoidable duplication.
An agreed completion pack and a practical record of improvements that could make the next year-end cycle easier.
Make the work visible
Example preparation tracker. These are illustrative workstreams, not a statement about a client’s records or an auditor’s conclusions.
| Workstream | Preparation output | Review question |
|---|---|---|
| Bank and cash | Reconciliation and supporting statements. | Are differences explained and reviewed? |
| Receivables and payables | Ageing and agreed supporting schedules. | Are cut-off, credits and disputed items identified? |
| Fixed assets and debt | Movement and balance schedules. | Do additions, disposals, borrowing and interest reconcile? |
| Judgements and open items | Evidence index and issue log. | Who will approve the assumption or obtain further advice? |
Clear work. Clear responsibilities.
A prepared-by-client list, often called a PBC list, sets out the information an external auditor requests from management. We help turn the agreed list into a manageable work plan. The auditor determines its own procedures, evidence requirements and conclusions.
ICAEW’s guidance on preparing for an SME audit highlights the importance of organised records, reconciliations and early discussion of information requirements. Our engagement applies that preparation discipline to the work agreed for your business.
Connect the trial balance to the agreed underlying records. Retain a clear source and explanation for each schedule and revision.
Identify where management assumptions, specialist valuations, tax advice or other evidence are needed. Record who must resolve each matter.
Separate a draft schedule from a reviewed version, track proposed adjustments and agree how questions move between the team and advisers.
Management remains responsible for its records, financial statements, judgements and approvals. The engagement does not transfer those responsibilities or guarantee that the auditor will accept a particular treatment. Where the same firm has other roles, the relevant independence and responsibility boundaries should be agreed.
Formal accounts compilation, statutory filing, tax computations and specialist technical-accounting opinions are not automatically included. We define the outputs and work alongside the relevant appointed advisers.
Built around the way you operate
The service is sector agnostic. The examples below show how a brief can be tailored; acceptance and any specialist input depend on your business, reporting requirements and complexity.
Prepare schedules for unbilled work, project income, subcontractor costs, accruals and customer balances.
From initial brief to useful outputs
Confirm entities, accounting period, appointed advisers, request list, deadlines and the work included.
Identify missing reconciliations, evidence gaps, key judgements and the people needed to resolve them.
Build the agreed schedules, organise evidence and track queries, proposed adjustments and changes.
Deliver the agreed pack, explain open matters and document practical improvements for the next close.
A useful first conversation
Start with the year-end date, reporting framework, number of entities, trial balance status, external accountant or auditor contact and any request list already received. Explain what your team can prepare and where you need capacity or review.
Timing depends on the condition of the records, access to supporting information, management decisions and the external adviser’s timetable. We discuss dependencies before proposing a delivery plan and raise new scope promptly.
Your questions, answered
No. This service supports management in preparing records, schedules and responses for its appointed external auditor. Consult EFC is not offering a statutory audit or an audit opinion through this service.
A prepared-by-client pack is the information management assembles in response to an auditor’s agreed requests. Its content depends on the business and audit requirements. An index, owner and version trail help keep it organised.
We can coordinate preparation and responses where management and the auditor agree the arrangements. The auditor remains responsible for its own procedures, evidence assessment and conclusions.
We can discuss preparation or repair of specified reconciliations. Missing records, unresolved differences and management judgements need to remain visible, with responsibility for resolving them agreed.
Not automatically. Accounts compilation, filing and tax work require their own agreed scope and responsible provider. The preparation service can support the information handover to those advisers.
Yes, subject to an agreed scope. We assess the records, request list, team capacity, timetable and any specialist requirements before proposing the work.
No. Preparation timing depends on record quality, information access and management decisions, while the external auditor controls its work and conclusions. We agree a practical preparation plan and raise dependencies.
The number of entities, records, schedules, outstanding issues, coordination and deadline affect the work. We confirm deliverables, exclusions, fee and additional-work arrangements before starting.
Tell us your reporting date, the requests received and the gaps your team needs help closing.
Please describe the requirement in your enquiry. Confidential records can follow through an agreed sharing process.