Entities considering an auditor appointment or preparing information for an audit.
Scope may include
Audit planning based on the applicable reporting framework
Assessment of relevant risks and supporting evidence
Financial statement and disclosure review within the audit scope
Communication of matters arising during the engagement
Typical engagement outputs
Reports and communications required by the agreed engagement and applicable standards
Acceptance is subject to eligibility, independence, conflicts, applicable appointment requirements and professional standards. An unmodified opinion is never promised.
How an engagement begins
Share a brief description of your requirements. We review scope and acceptance, identify the information needed, and agree responsibilities and engagement terms before starting work.
Information for visitors seeking an audit appointment
An audit enquiry should begin with the entity, reporting period, applicable financial-reporting framework and reason for the proposed appointment. Our New Delhi practice can discuss statutory-audit requirements subject to engagement acceptance, independence and other applicable professional obligations. A website enquiry or a discussion of timing does not itself constitute acceptance of an audit appointment. The relevant appointment process and professional communication must be addressed before work begins. The nature of the engagement and the reporting responsibilities are agreed through the appropriate documentation.
Management’s preparation and the auditor’s responsibilities should remain distinct. Management prepares the financial statements and underlying records and makes the relevant judgements and disclosures. The audit involves work within the applicable framework and accepted engagement. It should not be presented as a guarantee of a particular opinion, a certification that no error exists or a substitute for the entity’s controls. Any issues affecting independence, prior-auditor communication or the proposed reporting timetable should be raised at the start.
Plan the information flow before the reporting deadline
A useful planning discussion identifies the business, locations, systems, material changes and significant transactions during the period. It also establishes the readiness of the trial balance and supporting schedules. An audit timetable depends on the availability and quality of records, confirmations, explanations and the completion of management’s reporting process. A target signing date should therefore be accompanied by information milestones and named contacts. If the financial statements are changing while audit information is being supplied, version control becomes especially important.
For an Indian subsidiary in an overseas group, the local statutory audit and group reporting may involve different formats and deadlines. Instructions from a group auditor should be shared early so that the requested work, reporting basis and communication route can be considered. A group reporting pack should not automatically be treated as identical to a local statutory financial statement set. Any additional work and professional responsibilities need to be identified in the engagement and coordinated with the relevant parties.
Records to organise for planning
Entity and appointment information, the reporting period and prior financial statements.
The trial balance, accounting policies and material account schedules.
Bank, receivable, payable, inventory, fixed-asset and other relevant reconciliations.
Significant contracts, related-party information and material transaction records.
Board and governance records, legal or regulatory correspondence and prior findings.
Group reporting instructions, reporting-framework questions and the proposed timetable.
Preserve the evidence behind the financial statements
Supporting schedules should reconcile to the trial balance and identify the source records. Estimates and judgements need management’s basis and supporting information. Explanations that affect the financial statements should be documented rather than left as informal conversations. A query tracker can record the request, the client owner, evidence received and any remaining question. This helps coordinate the work, but completion of a tracker is not itself an audit conclusion. The nature and sufficiency of evidence remain matters for the audit process.
Distinguish preparation support from the audit role
Common delays arise from unreconciled balances, incomplete schedules, late disclosure decisions and records supplied in inconsistent versions. Businesses should discuss their readiness honestly when planning an audit. If accounting assistance or another advisory service is requested, its compatibility with the audit role must be considered through the applicable independence requirements; it is not automatically included. The audit information-pack guide provides a starting point for organising records. Visitors seeking a process review rather than a statutory opinion can read about internal audit.
How we scope and coordinate the work
An initial enquiry is used to understand the requirement, relevant jurisdictions and timing. The firm then considers engagement acceptance and identifies the information needed for a defined scope. Deliverables, client responsibilities, communication arrangements and fees are agreed separately before professional work begins. Where more than one service is required, the workstreams should share a consistent set of facts while keeping their responsibilities clear.
For a productive first discussion, explain the decision you need to make and any deadline already set by an authority, bank or group team. Identify records that are missing and advisers already involved. Do not send passwords, identity documents or confidential client files through a general enquiry. Once an engagement and information needs are agreed, the firm can coordinate an appropriate route for supporting records. Advice and timelines depend on the circumstances; a website guide does not create an engagement or guarantee an outcome.
Frequently asked questions
Does an enquiry mean the firm has accepted an audit appointment?
No. Acceptance, independence, appointment requirements and other applicable professional obligations must be addressed, and engagement terms agreed, before audit work begins.
Can a particular audit opinion be promised in advance?
No. The report follows the work performed, evidence obtained and applicable reporting requirements. An opinion should not be guaranteed at the enquiry stage.
Can local and overseas group reporting be coordinated?
The requirements can be considered together. Share the group instructions, reporting basis and deadlines early so that the scope and professional communication requirements can be evaluated.