A missing invoice or an unsigned bank reconciliation is far easier to fix before the auditor asks for it. A good internal audit service in TT starts earlier, with you testing your own records and controls against the standards the auditor will apply. ICATT has adopted the International Standards on Auditing without modification, so local auditors work to the same global rules as everywhere else. We’d rather you find the gaps first.
1. Review your financial records and IFRS compliance
Trinidad and Tobago companies must prepare financial statements under IFRS Standards as adopted by ICATT. Pull the general ledger and trial balance for the full year and check that both tie back to the financial statements you’ll hand over. Then make sure invoices and contracts exist for material items, because auditors sample and test them.
2. Test your internal controls
Auditors flag it fast when one person approves, records and reconciles the same payment. Split the duties. Even a small team can hand the bank reconciliation to someone other than the person who approves payments. Write down who does what, and keep sign-offs (emails count) for every cheque or transfer above a limit that you set yourself.
3. Organize your audit documentation
A business compliance audit in TT is easier to support when each major area has its own folder:
- Payroll
- Fixed assets
- Receivables
- Inventory
- Loans
- Equity
Add policy documents and board approvals, plus any changes made during the year, such as a new accounting policy or an asset write-off. Prepare a schedule of year-end adjustments. List any legal disputes or guarantees, and any commitments not yet in the statements.
4. Confirm your compliance checklist against Companies Act 1995
The Companies Act 1995 is one of several Acts a Trinidad and Tobago company answers to, so go through its provisions on financial statements and accounting records with your lawyer or auditor before fieldwork starts. Banks and securities firms also face sector-specific rules. Keep a one-page checklist of what applies to your company and who confirmed it. For background on why audits matter locally, read our note on the importance of auditing services for businesses in Trinidad and Tobago.
Get audit-ready with an internal audit service in TT
Accounting Solutions Limited provides internal audit and compliance audit services as a corporate audit solution in Trinidad, with corporate financial consulting in TT to fix what the review finds. Call +1 (868) 235-5491 to talk through your records and controls.
Frequently asked questions
- What documents do I need ready before an internal audit in Trinidad and Tobago?
Have the general ledger and trial balance ready, along with bank statements and signed financial statements. Add invoices and contracts, plus board approvals, for material items. Include your policies and the list of year-end adjustments. - How do I organize financial records for an audit?
Use one folder per area, such as payroll or receivables, and tie every ledger balance to a supporting schedule. - What internal controls will an auditor check?
Mainly whether one person can handle both the approval and the reconciliation of the same transaction. They’ll also look for documented approvals on payments above your set limit. - Do I need an ICATT-certified auditor for my company?
We’d say yes. Choose an auditor who is an ICATT member, since ICATT has adopted the International Standards on Auditing, and ask for that in writing.