Purchases Reconciliation

[Sunny2650]

Hi All,
My company is going under agreed upon procedure in which a firm will certify our purchases, subcontractors and investments.
For that i need to prepare reconciliation for purchases and subcontractors, that should match with last year audited FS. My question is how i can prepare reco to match with FS?

 

[Steve-LevelUp]

Depending on the size of your company, it could be easy, or it could be a great deal of work. If you have the audited FS, then you know the number you need to get to.

If you can get the audit Working papers you can tie out the trial balance accounts that were used to map to the audited financial statements. Once you have the trial accounts, then you simply need to print out all details of each of the trial balance accounts. With those details, verify that the total matches the FS, and then clean up the presentation of the data into a format that is easy to read.

I hope that helps.