Lead schedule definition
/What is a Lead Schedule?
A lead schedule is a working paper that lists the detailed general ledger accounts comprising a line item in the financial statements . The total on a lead schedule should match the total for the corresponding line item in a client’s financial statements. This schedule is a key part of an audit team’s working papers, and is essential for maintaining an organized set of audit documents. A lead schedule is quite useful for giving structure to audit documentation, making it easier to read.
This schedule is typically constructed in a spreadsheet format by the audit team, and contains cross-references to a series of underlying working papers that provide additional detail regarding each of the accounts stated in the schedule.
A set of working papers for an audit will likely have lead schedules for many balance sheet line items, such as cash, investments, receivables , prepaid expenses , fixed assets , payables , debt , and equity .
