Define which financial statements you need
The phrase financial statements may mean statutory annual accounts, management reports or information requested for funding. Ask the recipient what they require and explain the reporting framework or prescribed format if known. A statement prepared for one purpose is not automatically suitable for another.
Make the reporting period and source records clear
Identify the entity, period, bookkeeping source and relevant opening balances. Reconciliations and supporting schedules should explain material balances and unusual entries. Raise missing records early so their effect on preparation work and timing can be assessed.
Preparation is different from assurance
Preparing financial statements does not by itself provide an audit opinion or independent assurance. If a lender, investor or funder requests assurance, the required engagement and practitioner suitability must be considered separately. Agreed-upon procedures also have a distinct purpose and output.
Agree approval, filing and intended use
List the statements, disclosures, review steps and submissions included in the engagement. Confirm who approves the accounts and who supplies information. For routine company year-end work, see our annual accounts service; for current performance reporting, consider monthly or quarterly management accounts.
Choose the reporting brief
| Requirement | Starting point |
|---|---|
| Company year-end accounts | Annual accounts, period and filing responsibilities |
| Current trading performance | Management pack and comparison periods |
| Funding information | Recipient’s requirements, forecast and supporting schedules |
| Independent checking | Exact assurance or AUP request, assessed separately |