Auditors did not invent the consolidation pack to create busywork. A usable pack shortens fieldwork. An improvised pack extends it into March.
Minimum contents
- Entity map with ownership percentages and acquisition dates
- Trial balances for every entity in the perimeter, locked to the same reporting date
- Elimination schedule with journal references, not informal notes
- Related-party listing including directors and key management of components
- Intercompany reconciliations signed by both sides where balances are material
- Prior-year audited consolidation and open management letter points
Format preferences
We accept Excel. We do not need a proprietary portal. What we need is version control: one “pack v3 — final for audit” folder, not six email attachments with overlapping names.
Timing
Send the draft pack at least two weeks before planned final fieldwork. Interim visits can use a half-year pack; final opinion needs the year-end lock. If a component is late, tell the group auditor before the team books flights to Dongguan.