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audit checklist
Pre-Audit Preparation
Gather necessary documentation
Schedule audit with appropriate parties
Review previous audit findings
Financial Records
Review balance sheets
Review income statements
Analyze cash flow statements
Verify accuracy of financial data
Internal Controls
Assess effectiveness of internal controls
Evaluate segregation of duties
Review access controls to sensitive information
Verify compliance with regulations
Inventory Management
Conduct physical inventory count
Compare inventory records to physical count
Assess inventory valuation methods
Review inventory turnover rates
Revenue Recognition
Verify revenue recognition policies are followed
Analyze contracts for proper revenue recognition
Review revenue recognition adjustments
Assess revenue recognition risks
Expense Management
Review expense reports
Analyze expense trends
Verify approval processes for expenses
Assess compliance with expense policies
Compliance
Review compliance with laws and regulations
Evaluate adherence to internal policies
Verify compliance with industry standards
Assess risk management practices
Reporting
Review financial reporting processes
Assess accuracy of financial statements
Verify disclosures are complete and transparent
Evaluate timeliness of reporting
Follow-Up Actions
Document audit findings
Communicate findings to management
Develop action plan for addressing any issues
Monitor progress of corrective actions.
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