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Statutory Audit Checklist

1. Pre-Audit Preparation

Confirm audit timelines and deadlines.

Notify relevant departments about the audit schedule.

Gather necessary documentation and records.

Designate a point of contact for auditors.

2. Financial Records

Ensure all financial statements are prepared (Balance Sheet, Income Statement, Cash Flow Statement).

Verify that all transactions are recorded in the accounting system.

Reconcile bank statements with internal records.

Review and confirm completeness of accounts receivable and payable.

3. Compliance with Laws and Regulations

Review adherence to local, state, and federal regulations.

Ensure compliance with data protection laws (e.g., GDPR, CCPA).

Verify proper licensing and intellectual property rights for software products.

Check compliance with labor laws and employee benefits regulations.

4. Internal Controls

Assess the effectiveness of internal controls over financial reporting.

Review access controls and security measures for sensitive data.

Evaluate software development lifecycle (SDLC) processes for compliance.

Document any identified weaknesses in internal controls.

5. Tax Compliance

Ensure that corporate tax returns are filed on time.

Review compliance with sales tax regulations for software sales.

Confirm proper withholding and remittance of payroll taxes.

Check for any outstanding tax liabilities or disputes.

6. Documentation and Evidence

Compile contracts with clients and vendors.

Gather employee records including contracts, payroll, and benefits.

Collect documentation for any grants or funding received.

Maintain records of software licenses and subscriptions.

7. Risk Assessment

Identify potential risks associated with software development and operations.

Evaluate the impact of identified risks on financial and operational performance.

Document mitigation strategies for high-risk areas.

8. Post-Audit Follow-up

Prepare for auditor inquiries and additional documentation requests.

Schedule a debrief with the audit team to discuss findings.

Develop an action plan to address any identified issues or recommendations.

Ensure continuous improvement in compliance and internal processes.

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