The service-specific risk to address first
Trying to resolve major accounting gaps only at audit sign-off can delay reporting.
A company with unreconciled receivables should resolve balance evidence before the audit closing meeting.
Mistake 1: assuming the same rule applies to everyone
Statutory audit is independent assurance, not a substitute for management preparing its accounts.
Entity type, business activities, transaction facts and the relevant period can change the answer. Before using a checklist or a headline rule, ask which facts make it applicable to you. Verify current official requirements rather than copying an old article.
Mistake 2: sending records that do not reconcile
Prepare financial statements, ledgers, bank evidence, asset records and prior audit issues.
Flag mismatches and missing items before the adviser starts. Never overwrite an original record simply to make totals match. Preserve an explanation of corrections so the final position can be traced back to its evidence.
Mistake 3: confusing one task with full compliance
Clarify entity coverage, reporting requirements and management responsibilities; audit opinions are not guaranteed.
An incorporation, registration, return or report is a particular deliverable. Other permissions, recurring obligations and implementation work may remain. Ask for a written list of what the engagement does not cover.
What to do if work is already wrong
Preserve the original submission or report and ask for an assessment of the available correction route. Do not submit a duplicate application or ignore a communication without checking the consequences. Identify the issue, relevant period and supporting evidence.
What evidence must management prepare and which independence restrictions affect other services?
Keep signed financials, issued reports, management representations and an action log for findings.
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