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> Audit checklist
Audit checklist
Financial Statements
Income Statement
- Verify all revenues are properly recorded
- Check for proper classification and presentation of expenses
- Review accuracy of calculations and formulas
Balance Sheet
- Confirm assets and liabilities are accurately recorded
- Check for proper valuation of assets and liabilities
- Review accuracy of equity section
Cash Flow Statement
- Verify accuracy of cash inflows and outflows
- Check for proper classification of cash flows
- Review consistency with other financial statements
Internal Controls
Control Environment
- Assess management's commitment to internal controls
- Review the effectiveness of the board of directors
- Evaluate the ethical values and integrity of the organization
Control Activities
- Assess the design and implementation of internal controls
- Review segregation of duties
- Evaluate the use of technology in control activities
Information and Communication
- Review the accuracy and completeness of financial reporting
- Assess the effectiveness of internal and external communication
- Evaluate the security and confidentiality of information
Compliance
Legal and Regulatory Compliance
- Review compliance with applicable laws and regulations
- Assess adherence to licensing and permit requirements
- Evaluate the effectiveness of compliance programs
Internal Policies and Procedures
- Review compliance with internal policies and procedures
- Assess adherence to company guidelines and standards
- Evaluate the effectiveness of internal control systems
Industry-Specific Regulations
- Assess compliance with industry-specific regulations
- Review certifications and licenses required by the industry
- Evaluate the effectiveness of risk management practices
Audit Documentation
Planning and Risk Assessment
- Review audit objectives and scope
- Assess the risk of material misstatement
- Evaluate the audit strategy and plan
Fieldwork
- Review working papers and supporting documents
- Assess the adequacy and reliability of audit evidence
- Evaluate the quality of audit procedures performed
Reporting
- Review the draft audit report
- Assess compliance with reporting standards
- Evaluate the clarity and completeness of the final report
Remember, this is just a suggested format, and the specific sections and items may vary depending on the nature of the audit and the organization being audited.
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