PBC Checklist

*Up-to-date company organizational chart

*Accessible data file for the current and prior year

Or Trial Balance, Balance Sheet, Income Statement, Accounts Receivable Listing, Accounts Payable Listing, Detailed General Ledger, Journal Entries.  

*List of board members

*Board of directors and committee’ minutes for all meetings for the year under audit through the scheduled date of the fieldwork.

Approved copy of minutes for those available, and drafts of minutes not yet approved.  

Budget, if applicable

*Detailed memo regarding any outstanding legal issues we should be aware of

This includes the name and address of any attorneys which provided legal services during the year and listing of all legal expenses or litigation contingencies incurred and/or paid during FY and the current period, with description of services rendered.  

*Memo regarding any change in operations from the prior year

 e.g., any additional grants received, or grants which are no longer available to the organization, any increase or decrease in operations of the organization.  

*Copy of any new policies and procedures

*Copies of any legal agreements, contracts, leases, or other official documents entered into during FY

i.e. significant new revenue agreements, purchase agreements, etc.  

*Management Representation Letter

*Completion/update of planning questionnaires provided

*Cash confirmation templates prepared by client

*Copies of bank reconciliations for the fiscal year

*Copies of bank statements for the fiscal year and months following

*Details of new accounts

*Schedule detailing all investment activity on excel

(sales, purchases, income, etc.)  

*Copies of the annual investment statements.

*Aged accounts receivable report

*Details for allowance for doubtful accounts

*Copy of policy for collection and write-offs

*Listing of deposits for three months following the end of the year

*AR confirmation letters for selected customer balances from end of FY, as applicable

*Schedule of prepaid items reconciled to general ledger

*Copy of supporting documentation

 For example, as lease agreements and insurance policies.  

*Detailed inventory listings that tie to the general ledger

*Plan physical inventory count with auditor present

*Copies of policies for inventory valuation and allowances for obsolete inventory

*Supporting documentation as requested by auditors

*Schedule of fixed assets showing current year additions and disposals

 This should include the depreciation calculated for current year and accumulated depreciation to date  

*Supporting documentation of additions and disposals, which includes check copy, invoice and bill of sale.

*Schedule of any gains/losses of disposal of fixed assets

*Copy of capitalization and depreciation policy

*Detailed list of all repairs and maintenance expenses for current year

*Copies of any new capital and operating lease contracts entered into during FY

*Schedule of leases, showing all additions and payments

*Schedule of intangible assets

*Supporting documentation

*Aged accounts payable report reconciled to the general ledger

*Access to all invoices not paid as of fiscal year end

*Cheque register for months subsequent to the fiscal year end including invoices paid and check number

*Schedule of accrued expenses

This includes wages and vacation at fiscal year end reconciled to the general ledger with supporting documentation (by employee including names, pay rates, and accrued leave).  

*Listing of pay period dates

*Schedule of deferred revenue at fiscal year end reconciled to the general ledger

Please include supporting documentation.  

*Copies of debt agreements

*Copies of amortization schedules with breakdown of principal and interest

*Copies of statements for all loans, notes payable and credit cards.

*Confirmation of all debt balances from bank

*Copies of prior year and current year tax returns

If any new issuance of shares, please provide supporting documentation for issuance

*Provide confirmation of equity balances

Details of contributions received

(provide contributor names and restrictions, if any)  

*Details of grants received

(provide copy of grant agreement, grant period and restrictions, if any)  

(provide copy of grant agreement, grant period and restrictions, if any)

*Supporting documentation for revenue testing

*Salaries and wages

This includes copies of payroll register, employee timesheets and income tax slips and a detailed listing of employees including start and end dates as well as salary. 

*Supporting documentation for expense testing

*Draft financial statements