Step 2 - Making sure we bookkept our accounts correctly
Say we have bookkept a travel expense as a Board meeting. Then this will show up incorectly when we make the report.
To avoide mistakes like this. We go through the report and check that expenses are marked correctly. Fees from the bank is a good example of something that is usally bookkept wrong.
Here we are mostly looking at what we have for expenses.
In step 3 we look at our assets