Preparing Audited Financial Statements: How CFO On-Call Supports Businesses Through the Process

Preparing Audited Financial Statements: How CFO On-Call Supports Businesses Through the Process

By CFO-On Call Partner Philip Wilson

Many businesses—especially growing SMEs—struggle when it comes to preparing audited financial statements. For some organisations, this is simply due to stretched resources. For others, it’s a lack of in-house expertise in Australian Accounting Standards (AASB/IFRS) or the Corporations Act 2001. Regardless of the cause, the challenges can result in audit delays, increased costs, and unnecessary stress for management.

Understanding whether your organisation needs audited financial statements is the first step. ASIC requires large proprietary companies to prepare audited financials if they meet at least two of the following criteria:

• • Consolidated revenue of $50 million or more
    
  • Consolidated gross assets of $25 million or more
    
  • 100 or more employees at year-end

For businesses that fall into this category—or for any organisation needing to meet statutory or regulatory financial reporting obligations—CFO On Call provides expert support to ensure financial statements are accurate, compliant, and audit-ready.

Below is a breakdown of how CFO On Call helps businesses navigate the audit preparation process from start to finish.

1. Diagnosing the Client’s Challenges

Before any technical work begins, a CFO takes time to understand why the business is struggling with audit preparation. Common issues include:

• • Incomplete or inconsistent accounting records
    
  • A poorly structured chart of accounts
    
  • Missing reconciliations (bank, debtors, creditors, inventory)
    
  • Limited understanding of AASB/IFRS standards
    
  • Inadequate year-end procedures or documentation
    
  • Weak internal controls

This diagnostic step ensures that solutions address root causes, not just symptoms.

2. Establishing Robust Accounting Systems and Controls

A well-designed accounting system is the foundation of audit-ready financial reporting. CFO On Call helps clients:

• • Review and streamline bookkeeping workflows
    
  • Implement or optimise software such as Xero, MYOB, or QuickBooks
    
  • Establish monthly close processes and reconciliations
    
  • Develop internal control frameworks and documentation policies

The objective is to create systems that produce reliable, consistent data all year round—not just at year-end.

3. Preparing or Reviewing Year-End Financial Statements

Technical accuracy is essential for compliance with the Corporations Act 2001, ACNC requirements, and Australian Accounting Standards. A CFO can:

• • Prepare draft statutory financial statements
    
  • Review and correct journal entries for accruals, depreciation, provisions, etc.
    
  • Ensure proper classification, presentation, and disclosure
    
  • Liaise with tax accountants for deferred tax calculations

This significantly reduces the risk of audit adjustments and compliance issues.

4. Acting as a Liaison Between Client and Auditor

One of the greatest values a CFO provides is managing the communication between the business and its external auditor. CFO On-Call can:

• • Prepare audit schedules and supporting documentation
    
  • Respond to auditor questions promptly and accurately
    
  • Ensure client responses meet evidentiary and professional standards
    
  • Help resolve technical matters such as impairment, revenue recognition, and provisions

By coordinating this relationship, the audit runs smoother, faster, and with fewer surprises.

5. Delivering Training and Ongoing Support

A successful audit shouldn’t be a one-off achievement. CFO On-Call helps clients build internal capability by:

• Training staff on proper accounting procedures and audit expectations
  
• Developing month-end and year-end checklists
  
• Establishing reliable financial reporting processes

This ensures that each year’s audit becomes easier and more predictable.

6. Providing Strategic Advisory Post-Audit

Once audited financials are finalised, the CFO can translate the findings into actionable insights. This may include:

• Identifying efficiency opportunities or cost pressures
  
• Improving cash flow and working capital management
  
• Creating budgets and forecasts aligned with audit outcomes
  
• Advising on corporate governance or compliance improvements

This turns compliance into strategy—and financial reports into decision-making tools.

Key Value Propositions for Clients

When engaging CFO On-Call for audit preparation support, clients benefit from:

• • Reduced audit time and costs
    
  • Confidence in compliance with AASB, the Corporations Act, and ACNC requirements
    
  • Cleaner books and more reliable reporting
    
  • Less stress and confusion during audit season
    
  • Stronger financial insights to guide better decisions

Final Thoughts

Preparing audited financial statements can feel overwhelming, but it doesn’t have to be. With the right systems, expertise, and support, businesses can streamline the process, reduce cost and risk, and use audited financials as a springboard for future growth.

CFO On-Call specialises in helping SMEs and growing organisations achieve exactly that—delivering clarity, confidence, and financial capability when it matters most.

👉 Contact CFO On-Call today to book a conversation with one of our financial experts.

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