CFO checklist: Key priorities for finance leaders in 2025

Set your finance team up for audit success

With audit season fast approaching, CFOs and finance leaders are under increasing pressure to meet compliance requirements while delivering insights that add real value to the business. A well-prepared audit reduces stress, improves efficiency, builds stakeholder trust, and helps avoid late surprises.

At RSM Australia, we’ve worked with hundreds of finance teams across a range of industries, and we know the difference proactive preparation can make.

Whether you're leading a mature finance function or still growing into your systems and processes, here’s a practical checklist to help ensure your next audit runs like clockwork.

CFO Audit-ready checklist

1. Get the basics right early

Laying a strong foundation sets the tone for a smooth audit process.

• Finalise and sign the engagement letter early to formally commence the audit. This triggers key planning milestones for both your internal team and the audit team.
• Have a planning meeting with the audit team and management to align on key areas.
• Agree on your financial reporting timetable upfront and share it with both internal and external stakeholders. Ensure it factors in audit readiness, CFO/Board review deadlines, and lodgement dates for statutory or regulatory purposes. Key dates to consider include the audit committee meetings, where you would present the audit strategy and findings. Here, you would address any perceived board concerns and ensure clear communication with those charged with governance.
• Map out internal resourcing and leave periods to avoid key team members being unavailable during crunch time.
• Obtain the audit requirements list early and ask your auditors if there are updates to the standard list from prior years based on changes in regulation, accounting standards, or internal processes.
• Confirm file-sharing protocols and technology upfront. Will you use Caseware Xtend, ShareFile, OneDrive, or another secure portal? Who will have access? What naming conventions should be followed? Addressing this early avoids last-minute confusion and security concerns.
• Consider prior year feedback. If the auditors raised efficiency or documentation issues last year, address those head-on in the planning stage.
• A debriefing meeting at the end of the audit is recommended, especially when efficiency issues have occurred throughout the audit process.
• Have you attended the RSM financial reporting update, so you are aware of any new accounting statements that are coming?

A well-organised setup saves time and sets your team up to succeed before the first sample is even selected.

2. Keep your supporting documentation audit-ready

Missing or mismatched documentation is one of the top causes of delays.

• Ensure all key balances in the financial statements are supported by reconciled working papers.
• Clearly link your support back to the trial balance and final financials - this helps avoid time-consuming back-and-forth.
• Set clear internal deadlines for when information must be submitted for review before being passed on to auditors.

Having complete and clearly referenced documentation reduces audit queries, speeds up review, and enhances credibility.

3. Tackle judgements, estimates and complex areas early

Judgements and estimates can’t be finalised at the last minute, and they’re often where delays or disagreements emerge.

• Prepare technical papers where you’ve applied judgment, such as revenue recognition, impairments, going concern assessments, or adoption of new accounting standards.
• Engage early with your auditors on significant or unusual transactions (e.g. business combinations, financing arrangements, or asset acquisitions). This helps avoid surprises during fieldwork and enables proactive resolution of potential issues.
• Support your conclusions with documentation and evidence, including contracts, board papers, valuation models, or external expert reports.
• Ensure your going concern assessment is up to date, with cash flow models based on realistic assumptions. The board should also be aware and able to sign the required solvency declarations.
• If you're preparing ESG or sustainability disclosures, begin collating data early and clarify how assurance will be approached. Align expectations between finance, sustainability leads and auditors. Consider reaching out to RSM’s ESG specialists for guidance.

Getting ahead of complex areas helps ensure your position is robust and your auditors are aligned early on.

4. Align internal timetables and resourcing

Even the best plans fall flat if your team isn’t ready.

• Communicate the audit timeline and key deliverables to all relevant departments (e.g., legal, operations, HR).
• Confirm who owns each workstream, and identify key contacts for supporting evidence (e.g., payroll, leases, inventory) and book time to speak to these in advance of the audit procedures.
• Consider designating a single audit coordinator - someone responsible for managing day-to-day communications and follow-ups with both the audit team and internal stakeholders. This ensures queries are tracked and responses don’t fall through the cracks.
• Create a shared calendar or tracker so team members know when and what’s expected.
• During the audit, plan at least a weekly call between audit and management to discuss timelines, outstandings and issues noted so far. This ensures a no-surprise approach. 

A prepared and informed team reduces stress and ensures a more seamless audit process.

5. Prioritise proactive communication

Miscommunication is one of the most common causes of delays or frustration.

• Set up regular check-ins with your auditors to monitor progress and flag issues.
• Nominate clear points of contact for both sides.
• Be upfront about concerns, whether it’s a timing delay, a systems change, or an internal resource issue.

Open communication fosters trust and allows for the quick resolution of roadblocks.

6. Consider broader readiness themes

Beyond the checklist items, consider strategic steps that elevate your audit readiness:

• Reflect on past audit feedback; what didn’t go well last year? What can be improved?
• Explore tools like RSM’s CFO Advisory services to help assess current-state readiness and make improvements ahead of audit time.
• Reflect on whether your business is scaling, restructuring, or adopting new systems. These changes impact your controls and reporting processes and should be part of the audit planning conversation.
• Consider team development, do your team members have the technical knowledge and confidence to answer auditor queries?

Taking a step back to assess audit maturity can identify gaps and unlock efficiencies for future years.

Partnering with your auditor

The most successful audits aren’t just about ticking compliance boxes they're a chance to reflect on the strength of your finance function and get ahead of risk. Open communication, timely documentation, and a clear plan of attack can save weeks of back-and-forth and set the tone for a collaborative relationship with your auditors.

Want to make your next audit your smoothest yet?

Want to make your next audit your smoothest yet? Let’s talk. Whether you need a pre-audit diagnostic, technical advice, or fresh insights into your internal controls and reporting processes, our Assurance & Advisory specialists are ready to support.

FOR MORE INFORMATION

Reach out to Aimee Whittingham or Jess Hishon to explore how RSM can help.