Financial Statement Audit Preparation Checklist General Ledger (detailed trial balance) for the entire year ­ if available Trial Balance for the entire year is not available then we would like to have a detailed trial balance for each month Financial Statements Annual Financial Statement ­ Prepared in-house or by outside accountant. Monthly for the current year of audit ­ If annual in-house or outside accountant¹s Financial statement is not available. Please have the following available: Bank statements and cancelled checks for the current audit year for each individual bank account (do not include the federal bank accounts). Copies of monthly bank reconciliation for each bank account. List of all checks outstanding at current year-end and previous year-end. Beginning check number and ending check number for each bank account. List of persons authorized to sign checks. Accounts Receivable and Unearned Tuition If the school has a commercial software package (E.G. Kiss Software, Smart Class, and etc.) Copy of fiscal year end monthly report reflecting accounts Receivable/Unearned Tuition (E.G. June, December or etc.) If not using software addressed in Step A: List of active students with the following information as of fiscal year end: Balances owed at fiscal year end. Total contracts course hours signed for by the student. Total hours actually completed by fiscal year end by the student. Course cost; Tuition fee Registration fee Book and supplies fee Other fees List of Students dropped or graduated and still owes the school money at the fiscal year end. (Do not include any balance in which the school has not received a payment within the last two fiscal years.) Listing of any prepaid expenses Schedule of any prepaid expenses Definition: Any expense paid in advance for a longer period than the current year (e.g., Insurance, Taxes, Subscriptions, Dues and license fees.) If no formal schedule is prepared: Copy of invoice showing the length of period and the dollar amount. An undated listing of all fixed assets (copy of invoices for these items) ­ preferably a depreciation schedule. Copies of Articles of Incorporation ­ if not audited by us in prior year. Copies of Board of Directors minutes for the last two years and for year of audit. Chart of accounts. Organizational chart with a listing of duties or responsibilities for various personnel and officers. List of Shareholders and Officers. Copies of all payroll tax, real estate, personal property and income tax returns filed for the period under audit. Quarterly payroll summaries (federal 941, 940, state unemployment, and workers compensation) showing gross wages, withholdings and net wages for review. Listing of accounts payable at the beginning and end of the year. Accounts payable invoices not paid at year end for services performed or product received prior to fiscal year end Notes and Mortgages Payable: Listing of lender, terms and balances. Current year end. Copy of statement showing fiscal year end balance (if available) Copies of the original loan documentation. Details of any other asset and liability accounts recorded in the general ledger (to be determined upon receipt of the trial balance) Records of first and second months immediately following the current fiscal year end for review. Bank statements and canceled checks. Cash receipts and disbursement journals. Copies of all Legal Correspondence (if any). Also documentation to support current legal action (if any) Current Insurance Policy and premium notice for review. Copy of the following (if any): Long term contracts and agreements. Pension plans. Health insurance plan. Deferred compensation plans. Listing of any related party transactions. School facilities owned by Shareholder. Common Shareholder with another company and/or companies. School advances/notes due from Shareholders. Shareholder advances/notes due from school. Listing of all Title IV funding paid by student actually received during current fiscal year. Listing of all refunds actually paid to student or back to Title IV funding, during current fiscal year.
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