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Home > Hotel & Hospitality > Statutory Audit Programme

Statutory Audit Programme

1. Pre-Audit Planning

Define the audit scope and objectives.

Identify key stakeholders and their roles.

Schedule audit timelines and deadlines.

Gather necessary documentation (financial records, policies, etc.).

Assign audit team members and responsibilities.

2. Understanding the Business

Review the hotel’s organizational structure.

Assess the nature of services provided (accommodation, dining, events).

Analyze revenue streams and cost structures.

Understand regulatory compliance requirements specific to the hospitality industry.

Conduct a risk assessment to identify potential audit risks.

3. Internal Controls Evaluation

Review existing internal control policies and procedures.

Assess the effectiveness of financial reporting controls.

Evaluate the segregation of duties within the finance department.

Test internal control systems for compliance and effectiveness.

Document any weaknesses or areas for improvement.

4. Financial Statement Review

Examine balance sheets and income statements for accuracy.

Verify revenue recognition policies and practices.

Analyze expenses and cost of goods sold.

Review cash flow statements for liquidity assessments.

Confirm that financial statements comply with applicable accounting standards.

5. Compliance Testing

Ensure adherence to local, state, and federal regulations.

Verify compliance with health and safety regulations.

Check adherence to labor laws and employee rights.

Assess compliance with tax obligations and hospitality regulations.

Review licensing and permits for operational legitimacy.

6. Documentation and Evidence Gathering

Collect supporting documentation for financial transactions.

Review contracts and agreements with suppliers and partners.

Evaluate guest records and transaction logs.

Ensure all documents are properly filed and accessible.

Maintain a clear audit trail for all financial activities.

7. Reporting Findings

Prepare an audit report summarizing findings and recommendations.

Highlight areas of concern and potential risks.

Discuss findings with management and relevant stakeholders.

Provide actionable recommendations for improvement.

Establish a follow-up plan for addressing issues identified.

8. Final Review and Follow-Up

Conduct a final review of the audit report with management.

Ensure all recommendations have been acknowledged.

Develop an action plan for implementation of improvements.

Schedule follow-up audits to assess progress on recommendations.

Archive audit documentation for future reference and compliance.

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