My company's first IFRS statutory audit — what should I prepare before the auditor arrives?

Before anything else, make sure the trial balance is closed and matches the detailed ledgers, and that the core reconciliations are done: bank reconciliation, receivables and payables reconciliation, and a physical inventory count if the business holds stock. The auditor won't get far until these numbers hold together — any gap here stalls the whole engagement until it's fixed, and that adds both time and cost.

Next, assemble the supporting documentation file: lease and financing contracts, fixed asset invoices with the depreciation schedule, material customer contracts, and any pending obligations or disputes that need disclosure. Since the statements must be prepared under IFRS, review the classification of assets and liabilities (current versus non-current) and the required disclosures on accounting policies and related parties. RASEEKH walks clients through their first audit step by step, from bookkeeping through to an auditor-ready file, so a first audit experience doesn't become a painful one.