Early audit planning shows which firms are ready and which are not

Many organisations assume audit planning happens as part of the audit ‘work’ and all things happen in a relatively short space of time. In practice, you can usually tell much earlier whether your audit is being managed properly. One of the clearest indicators is whether your auditor has already spoken to you about upcoming reporting changes and planning considerations. There may have been issues or matters from the previous year’s audit which need addressing long before the year end to ensure they do not repeat in the next period.  

If those conversations have not happened yet, planning is probably behind where it should be. 

We are already holding these discussions with clients now. That is because our systems, controls and resourcing are designed to support early planning rather than last minute scheduling. 

Reporting changes should be addressed early 

Recent updates to standards such as IFRS, FRS 102 and, where relevant, CASS 15 affect disclosures, audit scope and evidence requirements. These changes influence how the audit needs to be structured and delivered. They are planning matters, not issues to leave until fieldwork. 

When they are addressed early, there is time to assess impact, agree approach and align delivery with board or funding timetables. When they are left late, options narrow and pressure increases. 

Audit pressure is usually a planning problem 

An audit always follows the same sequence. Planning and risk assessment come first, then interim work, then final fieldwork and reporting. When planning is delayed, the rest of that sequence compresses. Finance teams face tighter turnaround times, queries arise later and delivery becomes more reactive. 

Early engagement allows scope, responsibilities and timing to be agreed in advance. That creates certainty for both management and auditors and keeps the process controlled. 

Timing matters to people beyond the finance team 

Audit completion dates affect more than statutory compliance. Boards, funders, customers and suppliers, and stakeholders often rely on audited figures to support decisions. Delays can slow approvals, reporting cycles and funding activity. 

Planning early gives organisations more control over those timelines and reduces the risk of disruption. 

Discussions can happen between all stakeholders well in advance of timing and accurate figures. This results in minimal adjustments being made to both the financial figures reported in management packs and timelines of when audited accounts are issued.  

Why we are speaking to businesses about year ends now 

Audit quality and delivery are shaped well before fieldwork starts. Firms with the right systems and controls can begin planning early and keep audits on track. Firms without that infrastructure and support from audit teams, often start later because they have to. Your auditor should be working with you to determine a realistic timetable that is achievable for all and hits the deadlines you need to so no one is set up to fail. 

We are already discussing upcoming year ends with businesses now. If your auditor has not started those conversations yet, please do speak with us and we will be happy to discuss our methodology and approach to ensure a smooth, efficient and timely audit process. 

If you want to discuss your audit situation, please reach out to Dan Rose or Katherine Wilkes.