An audit is more than a document to submit. It is a structured examination of financial information and the evidence supporting it. We help businesses understand their audit requirements, prepare the necessary records and plan the work needed for a timely, properly scoped engagement.
Understanding what kind of audit is needed
The nature of an audit depends on why it is required: statutory obligations, a lender’s request, investors, donors or internal governance. Those purposes may call for different scopes, reporting frameworks and professional responsibilities.
We begin by clarifying who is asking for the report, the period involved, the organisation’s legal status and the required reporting standard. Where an engagement requires a licensed statutory auditor, the responsible professional’s eligibility and appointment should be verified before proceeding.
Preparing your business for an audit
- Gather the relevant financial statements and supporting accounting records.
- Reconcile bank balances and significant control accounts.
- Organise invoices, contracts, payroll records and asset schedules, as applicable.
- Identify material transactions or balances that require explanation.
- Confirm reporting deadlines, responsibilities and information requests.
Why good preparation matters
Missing records and unexplained differences can delay an engagement and make reporting more difficult. We help clients understand where information is incomplete and what documentation should be assembled before the audit work starts.
If the accounts are not yet ready, our financial statement preparation service may be the appropriate first step. For tax-related questions arising from the accounts, see tax consultancy.
Common questions
Does every small business need a statutory audit?
Requirements depend on the type of entity, applicable laws, reporting obligations and other circumstances. The appropriate requirement should be assessed for the specific business.
What is the difference between preparing accounts and auditing them?
Preparation is the process of compiling financial statements from records. An independent audit is an assurance engagement performed under the applicable professional standards. The two responsibilities should not be confused.
How long does an audit take?
Timing depends on business size, complexity, the period involved, availability of records and the engagement scope. We can discuss readiness and next steps once those factors are clear.
Relevant professional practice and registration requirements can be checked with Tanzania’s National Board of Accountants and Auditors (NBAA).