internal audit checklists for entertainment expense
I. Pre-Audit Preparation
II. Policy Compliance
- Obtain the latest version of the policy.
- Assess language clarity and ensure no ambiguous terms.
- Confirm all sections are present and complete.
- Identify any areas needing further explanation or examples.
- Cross-check individual expenses against policy criteria.
- Ensure proper documentation is available for each expense.
- Look for approval signatures on expense reports.
- Confirm expenses are within budget limits defined by the policy.
- Review internal communications for policy updates.
- Consult with HR or compliance for recent changes.
- Verify the last review date of the policy.
- Ensure all employees are aware of recent policy changes.
III. Documentation Review
- Collect all receipts and invoices related to entertainment expenses.
- Verify that each document is legible and contains relevant details.
- Cross-check documentation against expense reports for consistency.
- Ensure that receipts are dated and match the corresponding expense date.
- Review each expense report for completeness.
- Check that all required fields are filled out correctly.
- Validate that the purpose of the expense is clearly stated.
- Confirm that attendee names and roles are provided for each expense.
- Review the approval workflow for entertainment expenses.
- Check that all expenses have appropriate signatures or digital approvals.
- Evaluate if the approval limits are adhered to based on company policy.
- Identify any discrepancies or lapses in the approval process.
Use in Manifestly