What Taiwanese SMEs should gather before year-end audit fieldwork
Finance teams often lose the first week of fieldwork hunting for schedules that already exist—just not in one place. For companies preparing a financial statement audit in Taiwan, a short readiness file changes the tone of every planning meeting.
Start with the close package
Auditors typically ask for the final trial balance, a general ledger export covering the full year, and bank reconciliations for every account that appears on the balance sheet. Include the corresponding bank statements, not only the reconciliation worksheets. If you maintain books in a local package and report under ROC GAAP or IFRS, note which framework the statements will follow before schedules are drafted.
Inventory and cut-off
Where inventory is material, plan the physical count date early and keep count sheets, observer notes, and cut-off documents for goods received and shipped around the count. First-year audits in particular spend time validating that year-end balances connect to the count.
Related parties and commitments
Prepare a listing of related parties, significant contracts, and contingent liabilities. Boards sometimes assume these disclosures are “known,” yet engagement teams cannot accept verbal summaries alone. Written schedules reduce last-minute board queries when the draft opinion is near.
A simple packing order
Label folders (or shared-drive folders) by financial statement line: cash, receivables, inventory, fixed assets, payables, borrowings, equity, and revenue. Add prior-year audited statements and the prior management letter if you have one. When Cloudaianalyticspro begins planning, that structure lets us spend fieldwork hours on testing rather than scavenger hunts.