Field notes · 2026-05-12
Closing the books before audit fieldwork begins
A practical checklist for Taiwan finance teams so auditors arrive to a trial balance that actually ties.
Fieldwork stalls when the trial balance still moves. Before an engagement team arrives, freeze the period, post known accruals, and reconcile cash to the bank statements that will be confirmed.
Inventory-heavy businesses should schedule physical counts so auditors can observe. Record count sheets with location, SKU, and quantity—not only a system printout.
Related-party balances deserve early attention. List loans, guarantees, and management fees with contracts attached. Missing documentation is a common reason draft reports slip past filing targets.
If you use IFRS or ROC GAAP adjustments at year-end, prepare a bridge from book income to the statement presentation your auditor will report on. That bridge becomes a working paper both sides can share.