audit of financial report checklist

1. Preliminary Steps

Establish the audit team and assign roles

Identify team members with relevant expertise.
Define roles: lead auditor, team members, and support staff.
Ensure clear communication of responsibilities.
Set up initial meeting to discuss objectives.
Document team structure and responsibilities.

Review previous audit findings and management letters

Gather previous audit reports and letters.
Analyze findings for recurring issues.
Identify management's responses and actions taken.
Assess the effectiveness of previous recommendations.
Summarize key points for reference during the audit.

Develop an audit plan and timeline

Outline audit objectives and scope.
Create a timeline for each audit phase.
Allocate resources and set deadlines for tasks.
Include milestones for review and checkpoints.
Obtain approval from stakeholders on the plan.

Communicate with management and relevant stakeholders

Schedule introductory meetings with management.
Discuss audit objectives, scope, and timeline.
Establish points of contact for ongoing communication.
Address any concerns or expectations from management.
Document all communications for future reference.

2. Financial Statement Review

Verify compliance with applicable accounting standards (e.g., GAAP, IFRS)

Identify relevant accounting standards applicable to the entity.
Review the financial statements for conformity to standards.
Document any instances of non-compliance.
Discuss any compliance issues with management.

Assess the accuracy of financial statement components (balance sheet, income statement, cash flow statement)

Cross-check figures in financial statements with underlying records.
Confirm totals and subtotals for accuracy.
Review calculations for mathematical accuracy.
Investigate discrepancies and document findings.

Review significant accounting policies and estimates used by management

Obtain and review the accounting policies applied.
Assess the appropriateness of significant estimates.
Evaluate consistency with prior periods.
Discuss any changes in policies or estimates with management.

Evaluate the appropriateness of revenue recognition practices

Examine revenue recognition criteria applied.
Verify revenue transactions and timing of recognition.
Ensure compliance with accounting standards.
Discuss any unusual revenue recognition practices with management.

Here are some additional steps that could be included in the "Financial Statement Review" section of the audit checklist

Review prior period financial statements for consistency and comparability

Obtain prior period financial statements.
Compare line items for consistency in presentation.
Identify any significant changes or restatements.
Document any inconsistencies or issues.

Analyze financial ratios and trends for insights into financial health

Calculate key financial ratios (liquidity, profitability, etc.).
Compare ratios to industry benchmarks.
Identify trends over time.
Document any insights or concerns.

Assess the reasonableness of any significant assumptions made in estimates

Review assumptions used in significant estimates.
Evaluate the basis for these assumptions.
Compare assumptions with industry standards.
Document findings and discuss with management.

Verify the completeness of disclosures in the financial statements

Review financial statements for required disclosures.
Cross-check disclosures with supporting documentation.
Assess compliance with accounting standards.
Document any missing disclosures.

Confirm the existence and valuation of assets and liabilities

Perform physical verification of significant assets.
Review supporting documentation for valuations.
Confirm balances with third-party statements.
Document any discrepancies found.

Evaluate the impact of new accounting standards or changes in policies

Identify any new accounting standards applicable.
Assess management's implementation of new standards.
Evaluate the impact on financial statements.
Document findings and recommendations.

Review related party transactions for proper disclosure and valuation

Identify all related party transactions.
Review terms and conditions of transactions.
Ensure proper disclosure in financial statements.
Assess valuation methods applied.

Assess the adequacy of reserves and provisions

Review management's rationale for reserves.
Compare against historical data and industry benchmarks.
Evaluate the process for estimating reserves.
Document any concerns or recommendations.

Perform analytical procedures to identify unusual or unexpected variances

Conduct ratio analysis and trend analysis.
Identify significant variances from expectations.
Investigate causes of variances.
Document findings and discuss with management.

Ensure that the financial statements are presented in a clear and understandable manner

Review layout and format of financial statements.
Check for clarity in language and terminology.
Assess the logical flow of information.
Document any areas needing improvement.

3. Internal Controls Assessment

Assess the design and implementation of internal controls over financial reporting

Review framework and standards for internal controls.
Determine if controls align with financial reporting objectives.
Document control processes and flowcharts.
Assess if controls are designed to mitigate identified risks.
Evaluate if controls are properly communicated to staff.

Test the effectiveness of key controls (e.g., procurement, inventory management, payroll)

Select a sample of transactions for testing.
Verify that controls were executed as intended.
Document any exceptions or control failures.
Assess the frequency and consistency of control application.
Evaluate the impact of control failures on financial reporting.

Review documentation for any changes in internal controls since the last audit

Obtain records of changes made to internal controls.
Evaluate the rationale for changes and their timing.
Check for approval and communication of changes.
Assess the impact of changes on financial reporting.
Document any new risks introduced by changes.

Identify any control deficiencies and evaluate their impact on financial reporting

Compile a list of identified control deficiencies.
Assess the severity and nature of each deficiency.
Evaluate potential financial misstatements caused.
Document the implications for overall financial reporting.
Recommend corrective actions for significant deficiencies.

Here are some additional steps that could be included in the "Internal Controls Assessment" section of the financial report audit checklist

Review the design and implementation of internal controls.
Conduct tests of controls to assess their operating effectiveness.
Evaluate the segregation of duties within key processes.
Identify any weaknesses or gaps in the internal control system.
Document findings and recommendations for improvements.

Evaluate the segregation of duties within financial processes to prevent fraud and errors

Map out key financial processes and involved personnel.
Identify overlapping roles that may pose risks.
Assess if duties are appropriately segregated.
Document any areas lacking proper segregation.
Recommend adjustments to improve segregation.

Conduct interviews with key personnel to assess understanding and adherence to internal controls

Develop a structured interview guide.
Identify key personnel across financial functions.
Ask about their knowledge of internal controls.
Document responses and gauge adherence levels.
Identify training needs based on gaps in understanding.

Analyze the adequacy of access controls over financial systems and data

Review user access levels and permissions.
Assess if access is role-based and appropriate.
Check for regular review of access rights.
Evaluate controls for unauthorized access attempts.
Document any vulnerabilities identified.

Review management’s assessment of internal controls and any related findings from prior audits

Obtain management's internal control assessment report.
Evaluate findings from previous audits.
Assess actions taken on prior recommendations.
Document changes in controls since the last review.
Identify any recurring issues needing attention.

Test the reconciliation processes for bank accounts, accounts receivable, and accounts payable

Select samples of reconciliations performed.
Verify accuracy and completeness of reconciliations.
Check for timely completion of reconciliations.
Document any discrepancies and follow-up actions.
Assess the impact on financial reporting accuracy.

Assess the adequacy of training and communication regarding internal controls for employees

Review training materials on internal controls.
Evaluate the frequency and coverage of training sessions.
Assess employee feedback on training effectiveness.
Identify gaps in training for specific roles.
Recommend enhancements to training programs.

Examine the processes for monitoring and reporting control deficiencies to management

Review the reporting structure for deficiencies.
Assess how deficiencies are escalated to management.
Evaluate the timeliness of reporting.
Document any patterns in reported deficiencies.
Recommend improvements to monitoring processes.

Review the organization’s response to previous audit findings related to internal controls

Gather documentation of responses to past findings.
Assess the effectiveness of implemented corrective actions.
Evaluate follow-up processes on audit recommendations.
Document any unresolved issues from past audits.
Identify areas for improvement in response practices.

Test for compliance with established policies and procedures related to internal controls

Review established policies and procedures.
Select samples to test compliance.
Document instances of non-compliance.
Evaluate the reasons for non-compliance.
Recommend adjustments to enhance compliance.

Evaluate the effectiveness of IT controls and security measures related to financial data

Assess the security protocols for financial systems.
Review access controls specific to financial data.
Evaluate incident response procedures for data breaches.
Document any vulnerabilities in IT controls.
Recommend improvements to enhance IT security.

4. Inventory Assessment

Observe physical inventory counts and reconcile with recorded amounts

Conduct on-site inventory counts.
Compare counts to recorded amounts.
Investigate discrepancies and document findings.
Ensure proper adjustments are made in records.
Confirm compliance with internal policies.

Review inventory valuation methods (FIFO, LIFO, weighted average)

Identify the valuation method used.
Assess appropriateness for the business model.
Check consistency in application across periods.
Evaluate impact on financial statements.
Document any changes or justifications.

Assess the adequacy of inventory reserves for obsolescence or slow-moving items

Review inventory aging reports.
Identify items requiring reserves.
Determine adequacy based on historical data.
Consult with management on assumptions used.
Document findings and recommendations.

Evaluate the accuracy of inventory costing and allocation

Review costing methodologies applied.
Verify allocations to corresponding accounts.
Check for consistency in reporting periods.
Identify any variance explanations.
Ensure alignment with accounting standards.

Here are some additional steps that could be included in the Inventory Assessment section

Verify the existence and condition of inventory items through random sampling

Select a random sample of inventory items.
Inspect physical condition and existence.
Document findings and any discrepancies.
Ensure sampling methodology is sound.
Report results to management.

Analyze inventory turnover ratios to assess efficiency and identify slow-moving items

Calculate inventory turnover ratios.
Compare ratios to industry benchmarks.
Identify slow-moving or obsolete items.
Assess reasons for low turnover.
Provide recommendations for improvement.

Review purchase and sales records to ensure proper classification and timing of inventory transactions

Examine purchase and sales invoices.
Check for proper classification in accounts.
Ensure timing aligns with revenue recognition.
Investigate any anomalies.
Document findings for management.

Confirm inventory quantities with third-party vendors or warehouses, if applicable

Contact vendors or warehouses for confirmation.
Request inventory quantity confirmations.
Compare third-party records with internal records.
Investigate discrepancies thoroughly.
Document confirmations received.

Assess the impact of any recent changes in inventory management policies or systems

Review changes in policies or systems.
Evaluate rationale behind changes.
Assess impact on inventory accuracy.
Document any risks introduced.
Provide recommendations for mitigation.

Evaluate the accuracy of recorded inventory adjustments for shrinkage, spoilage, or write-offs

Review records of inventory adjustments.
Verify calculations for shrinkage and spoilage.
Assess reasons for write-offs.
Ensure adjustments are properly documented.
Report any inaccuracies found.

Ensure compliance with applicable accounting standards (e.g., GAAP or IFRS) related to inventory

Review relevant accounting standards.
Assess compliance with inventory reporting.
Identify any areas of non-compliance.
Document adherence to standards.
Provide recommendations for compliance.

Review inventory-related disclosures in the financial statements for completeness and accuracy

Examine disclosures in financial statements.
Ensure all relevant information is included.
Verify accuracy of reported figures.
Assess clarity and understandability.
Document any omissions or inaccuracies.

Analyze the impact of seasonality or market trends on inventory levels and valuation

Identify seasonal patterns in inventory.
Examine historical sales data for trends.
Assess impact on inventory valuation.
Document findings and implications.
Provide recommendations based on analysis.

Conduct a review of inventory-related internal controls to identify any weaknesses or areas for improvement

Evaluate existing internal controls over inventory.
Identify any control weaknesses or gaps.
Assess effectiveness of current procedures.
Document recommendations for improvements.
Report findings to management.

5. Revenue and Expense Verification

Test a sample of sales transactions for completeness and accuracy

Select a random sample of sales transactions.
Verify transaction details against source documentation.
Check for missing invoices or records.
Ensure amounts match the recorded figures.
Assess compliance with revenue recognition policies.

Review cost of goods sold (COGS) calculations and related expenses

Examine inventory records for accuracy.
Verify COGS calculations against purchase invoices.
Ensure proper allocation of overhead costs.
Check for consistency with prior reporting periods.
Evaluate any adjustments made to COGS.

Assess other operating expenses for proper classification and allocation

Review expense accounts for correct categorization.
Check allocation methods used for expenses.
Validate the timing of expense recognition.
Ensure compliance with accounting standards.
Investigate any unusual or unexpected expenses.

Analyze variances from budgeted figures and investigate significant discrepancies

Compare actual results with budgeted figures.
Identify significant variances and their causes.
Gather supporting documentation for anomalies.
Discuss discrepancies with management.
Document findings and recommendations.

Here are some additional steps that could be included in the "Revenue and Expense Verification" section of the audit checklist

Verify the existence and valuation of accounts receivable related to sales transactions

Review accounts receivable aging reports.
Confirm balances with customers.
Assess the adequacy of allowance for doubtful accounts.
Validate the valuation methods used.
Investigate large or unusual receivables.

Confirm sales with customers to ensure recorded revenue is accurate

Select a sample of recorded sales.
Contact customers to confirm transaction details.
Document responses and any discrepancies.
Analyze confirmation results for patterns.
Report any inconsistencies found.

Review contracts and agreements for terms affecting revenue recognition

Gather all relevant contracts and agreements.
Identify key terms affecting revenue recognition.
Ensure compliance with accounting standards.
Document any contingent revenue arrangements.
Evaluate changes in contract terms over time.

Assess the reasonableness of estimates used in revenue recognition, such as allowances for returns and discounts

Review historical data on returns and discounts.
Evaluate estimation methods for reasonableness.
Check consistency with industry standards.
Document any changes in estimates.
Discuss estimates with management.

Evaluate the appropriateness of revenue recognition methods applied (e.g., percentage of completion, completed contract)

Review policies for consistency with standards.
Assess method selection for specific transactions.
Evaluate the impact on financial reporting.
Document rationale for chosen methods.
Ensure transparency in disclosures.

Perform analytical procedures on revenue trends and investigate unusual fluctuations

Analyze revenue trends over multiple periods.
Identify any unusual spikes or drops.
Compare revenue trends with industry benchmarks.
Investigate causes of fluctuations.
Document findings and recommendations.

Reconcile revenue recorded in the financial statements with supporting documents such as invoices and sales orders

Match recorded revenue with invoices.
Verify sales orders for accuracy.
Identify and resolve discrepancies.
Ensure completeness of recorded revenue.
Document reconciliation results.

Review and test the accuracy of payroll expense calculations and related liabilities

Verify payroll calculations against time records.
Check for compliance with labor laws.
Review payroll liabilities for accuracy.
Assess any adjustments or corrections.
Document findings and recommendations.

Verify the accuracy of accrued expenses and ensure they are recorded in the correct accounting period

Review accrued expense schedules.
Confirm amounts with supporting documentation.
Ensure proper cut-off procedures are followed.
Assess the impact on financial statements.
Document any discrepancies found.

Check for any unrecorded liabilities that could impact expense recognition

Review contracts and agreements for obligations.
Conduct inquiries with management.
Examine subsequent events for unrecorded liabilities.
Document findings and address potential issues.
Ensure compliance with accounting standards.

Analyze non-operating income and expenses for proper disclosure and classification

Review non-operating income and expense items.
Confirm proper classification in financial statements.
Check for compliance with disclosure requirements.
Document any unusual items.
Assess the impact on overall financial performance.

Examine related party transactions for appropriate disclosure and potential conflicts of interest

Identify all related party transactions.
Review terms and conditions of transactions.
Ensure proper disclosure in financial statements.
Assess for potential conflicts of interest.
Document findings and recommendations.

6. Compliance and Regulatory Review

Verify compliance with tax regulations and review tax provisions

Review applicable tax laws and regulations.
Examine tax provision calculations and estimates.
Ensure timely filing of tax returns.
Check for any outstanding tax liabilities.
Confirm compliance with local, state, and federal tax requirements.

Assess adherence to industry-specific regulations and standards

Identify relevant industry regulations.
Evaluate processes for compliance monitoring.
Review internal controls related to regulatory adherence.
Check for necessary certifications and licenses.
Document any non-compliance issues and resolutions.

Review any legal or contractual obligations affecting financial reporting

Identify significant contracts and agreements.
Assess legal commitments impacting financial statements.
Verify compliance with contractual terms.
Evaluate potential legal liabilities.
Ensure proper disclosure of obligations in financial reports.

Ensure compliance with environmental and safety regulations

Review environmental compliance documents.
Assess adherence to safety standards.
Evaluate reporting on environmental impacts.
Check for any violations or penalties.
Confirm compliance with relevant environmental laws.

Here are some additional steps that could be included in the Compliance and Regulatory Review section of a financial report audit checklist

Assess compliance with data protection and privacy regulations (e.g., GDPR, CCPA)

Review data handling policies and procedures.
Evaluate consent mechanisms for data collection.
Check for breach notification protocols.
Assess data retention and deletion practices.
Ensure compliance with user rights under regulations.

Review adherence to anti-money laundering (AML) and know your customer (KYC) regulations

Examine AML policies and procedures.
Assess KYC documentation and verification processes.
Review transaction monitoring practices.
Check for compliance training for relevant personnel.
Document any suspicious activity reports filed.

Evaluate compliance with accounting standards (e.g., GAAP, IFRS)

Review financial statements for adherence to standards.
Assess accounting policies and estimates.
Evaluate consistency in financial reporting.
Check for appropriate disclosures required by standards.
Confirm alignment with industry-specific guidelines.

Verify compliance with labor laws and employee benefit regulations

Review payroll practices for compliance.
Assess employee benefits administration.
Check adherence to labor regulations and minimum wage laws.
Evaluate workplace safety compliance.
Document any labor disputes or violations.

Ensure adherence to consumer protection laws and regulations

Review marketing and advertising practices.
Assess compliance with product safety standards.
Check for proper handling of consumer complaints.
Evaluate transparency in pricing and terms.
Document any consumer protection issues identified.

Review regulatory filings and disclosures for accuracy and completeness

Identify all required regulatory filings.
Assess the accuracy of filed documents.
Check for timely submissions to regulatory bodies.
Evaluate completeness of disclosures in filings.
Document any discrepancies found in reviews.

Assess compliance with financial reporting requirements from regulatory bodies (e.g., SEC, FASB)

Review reporting timelines and deadlines.
Evaluate compliance with specific reporting formats.
Check for necessary disclosures as mandated.
Assess the accuracy of financial data reported.
Document any findings related to reporting compliance.

Evaluate the effectiveness of policies related to whistleblower protections and reporting

Review whistleblower policy documentation.
Assess communication channels for reporting concerns.
Evaluate training programs on whistleblower protections.
Check for any reported incidents and responses.
Document effectiveness of whistleblower policies.

Review any recent changes in regulations that may impact the financial statements

Identify recent regulatory updates and changes.
Assess potential impacts on financial reporting.
Review management's response to new regulations.
Document changes in accounting policies if applicable.
Ensure timely communication of changes to stakeholders.

Ensure compliance with export and import regulations, if applicable

Review documentation for international shipments.
Assess compliance with tariffs and trade agreements.
Check for proper licensing and permits for exports/imports.
Evaluate customs compliance practices.
Document any violations or issues in compliance.

7. Final Steps

Compile audit findings and prepare working papers

Gather all collected data and notes from the audit.
Organize findings into clear categories and themes.
Ensure all calculations and analyses are accurate.
Prepare working papers that support each finding.
Document any assumptions or methodologies used.

Conduct a closing meeting with management to discuss findings

Schedule a meeting with key management personnel.
Prepare an agenda outlining the main discussion points.
Present findings clearly and concisely.
Encourage feedback and questions from management.
Document key decisions and agreements reached during the meeting.

Prepare the draft audit report and share with management for review

Compile findings into a structured draft report.
Ensure clarity and conciseness in the report.
Highlight key findings, recommendations, and conclusions.
Share the draft with management for their input.
Set a deadline for feedback to ensure timely finalization.

Finalize the audit report and issue to the appropriate stakeholders

Incorporate all feedback received from management.
Review the report for accuracy and completeness.
Format the report according to organizational standards.
Distribute the final report to all relevant stakeholders.
Ensure receipt confirmation from all parties.

Here are some additional steps that could be included in the "Final Steps" section of the financial report audit checklist

Review all findings and conclusions from the audit.
Ensure all documentation is complete and accessible.
Confirm compliance with relevant accounting standards.
Discuss any discrepancies with relevant stakeholders.
Prepare a summary report of the audit findings.
Schedule a meeting to present findings to management.
Obtain final approval from the audit committee.

Review and incorporate management's feedback into the final audit report

Analyze all feedback provided by management.
Determine which suggestions are applicable and necessary.
Revise the report to reflect these changes appropriately.
Communicate any significant alterations back to management.
Ensure final report aligns with management's expectations.

Ensure all supporting documentation is complete and organized in the working papers

Review all supporting documents for completeness.
Organize documents in a logical order that aligns with findings.
Label and index documents for easy reference.
Confirm that all documents comply with regulatory requirements.
Store documentation securely for future audits.

Discuss any unresolved issues or disagreements with management before finalizing the report

Identify any issues that remain unresolved post-meeting.
Schedule a follow-up discussion with management.
Document any disagreements and attempt to reach consensus.
Ensure all perspectives are considered in the final report.
Resolve any disputes before finalizing the audit report.

Prepare an executive summary highlighting key findings and recommendations

Draft a concise summary capturing major findings.
Include actionable recommendations for improvement.
Keep the language clear and straightforward.
Limit the summary to one or two pages.
Ensure it is accessible to non-technical stakeholders.

Schedule a follow-up meeting with stakeholders to discuss the audit results and action plans

Identify key stakeholders who need to be informed.
Set a date and time for the follow-up meeting.
Prepare an agenda outlining the key topics to discuss.
Distribute the final report in advance of the meeting.
Encourage input on action plans during the meeting.

Archive all audit documentation in accordance with regulatory and organizational policies

Review organizational policies on document retention.
Ensure all documents are archived securely and systematically.
Label archives clearly for easy retrieval in the future.
Maintain a log of archived documents for tracking purposes.
Confirm compliance with all relevant regulations.

Monitor the implementation of audit recommendations and track progress over time

Establish a tracking system for recommendations.
Set timelines for implementation of each recommendation.
Schedule periodic reviews to assess progress.
Engage with management to discuss challenges faced.
Document outcomes and lessons learned for future audits.

Conduct a post-audit evaluation to assess the audit process and identify areas for improvement

Gather feedback from the audit team and stakeholders.
Review the effectiveness of audit methodologies used.
Identify strengths and weaknesses in the audit process.
Compile findings into a report for future reference.
Develop actionable steps for improving future audits.

8. Follow-Up Actions

Develop an action plan for addressing identified deficiencies

Identify specific deficiencies from the audit report.
Outline corrective actions for each deficiency.
Assign team members to each action item.
Set deadlines for completion of each action.
Ensure alignment with organizational goals.

Schedule follow-up meetings to review implementation of recommendations

Determine frequency and format of follow-up meetings.
Invite relevant stakeholders and team members.
Prepare agendas outlining key discussion points.
Document minutes and action items from each meeting.
Adjust schedules as necessary based on progress.

Monitor ongoing compliance and control improvements

Establish key performance indicators (KPIs) for compliance.
Conduct regular reviews of compliance status.
Identify areas needing additional focus or resources.
Report findings to stakeholders regularly.
Adjust controls based on monitoring results.

Plan for the next audit cycle based on current findings and risks

Review current audit findings and risk assessments.
Identify areas for deeper investigation in the next cycle.
Allocate resources and personnel for the upcoming audit.
Set timelines for the next audit cycle.
Communicate the plan to relevant teams.

Here are some additional steps that could be included in the Follow-Up Actions section of the audit checklist

Document and communicate findings and recommendations to relevant stakeholders

Prepare a comprehensive report of findings.
Highlight key recommendations and their importance.
Distribute the report to all relevant stakeholders.
Facilitate discussions on findings and recommendations.
Ensure clarity and understanding of the report.

Assign responsibilities for implementing corrective actions to specific team members

Identify team members with relevant expertise.
Clearly define each member's specific responsibilities.
Communicate expectations and deadlines.
Provide support and resources as needed.
Regularly check-in for updates on progress.

Establish a timeline for the completion of action items

List all action items identified in the audit.
Estimate time required for each item.
Set realistic deadlines for completion.
Communicate timelines to responsible team members.
Track progress against the established timeline.

Evaluate the effectiveness of corrective actions taken and adjust as necessary

Conduct assessments to measure effectiveness.
Gather feedback from involved personnel.
Identify any gaps or ongoing issues.
Make necessary adjustments to action plans.
Report findings and adjustments to stakeholders.

Provide training or resources to staff on new policies or procedures resulting from the audit

Identify training needs based on audit findings.
Develop training materials and resources.
Schedule training sessions for relevant staff.
Evaluate the effectiveness of the training.
Provide ongoing support for staff questions.

Review and update internal policies and procedures based on audit findings

Analyze existing policies against audit recommendations.
Draft updates to policies and procedures as needed.
Consult with stakeholders on proposed changes.
Communicate changes clearly to all staff.
Ensure compliance with updated policies.

Conduct periodic checks to ensure that improvements are being maintained

Set a schedule for regular checks.
Use checklists to assess compliance and improvements.
Document findings from each check.
Identify areas for further improvement.
Report results to management.

Collect feedback from staff involved in implementing changes to identify any challenges

Create a feedback mechanism for staff input.
Encourage open and honest communication.
Analyze feedback for common themes or issues.
Address identified challenges promptly.
Incorporate feedback into future action plans.

Prepare a summary report for management detailing follow-up actions and their outcomes

Compile all follow-up actions taken.
Summarize outcomes and effectiveness of actions.
Highlight any ongoing challenges or issues.
Provide recommendations for future actions.
Present the report in a clear format.

Assess the impact of recent changes on overall organizational risk and controls

Review changes made post-audit.
Evaluate the effect on risk levels and controls.
Use risk assessment tools as necessary.
Document findings and implications for the organization.
Adjust strategies based on assessment results.

Download CSV Download JSON Download Markdown

Use in Manifestly

AI Checklist Generator

audit of financial report checklist

1. Preliminary Steps

2. Financial Statement Review

3. Internal Controls Assessment

4. Inventory Assessment

5. Revenue and Expense Verification

6. Compliance and Regulatory Review

7. Final Steps

8. Follow-Up Actions

Related Checklists

Inventory Management

Shipping and Receiving Checklist

Employee Termination

Regulatory Compliance

Production Planning

Equipment Maintenance Checklist

Employee Onboarding

Performance Evaluation Checklist

Quality Assurance

Environmental Compliance

Workplace Safety Checklist

Employee Training Checklist