What is financial audit checklist?

Four primary financial statements, the balance sheet, income statement, statement of owners’ equity and statement of cash flows, should be reviewed for accuracy, completeness and compliance with generally accepted accounting principles.

What is a process audit checklist?

A process audit is designed to focus on a set of processes used in your business. It examines each process and adherence to individual specifications and procedures. Staying organized and having an audit checklist will maximize the results of any audit.

How do you prepare a quality audit checklist?

Quality Audit Checklist Stages

  1. Determine the audit focus.
  2. Prepare for the audit.
  3. Perform the audit.
  4. Report the findings in the initial findings report.
  5. Determine the corrective action.
  6. Update the findings report with the corrective action.
  7. Conduct the corrective action.
  8. Update the findings report when actions are completed.

What is compliance checklist?

A compliance checklist is exactly what it sounds like – a detailed cognitive and comprehensive list used to aid in the completion of a procedure or task.

What are the 6 audit procedures?

There are six specific steps in the audit process that should be followed to ensure a successful audit.

  • Requesting Financial Documents.
  • Preparing an Audit Plan.
  • Scheduling an Open Meeting.
  • Conducting Onsite Fieldwork.
  • Drafting a Report.
  • Setting Up a Closing Meeting.

How do you prepare a process audit checklist?

Internal Audit Planning Checklist

  1. Initial Audit Planning.
  2. Risk and Process Subject Matter Expertise.
  3. Initial Document Request List.
  4. Preparing for a Planning Meeting with Business Stakeholders.
  5. Preparing the Audit Program.
  6. Audit Program and Planning Review.

What is the purpose of audit checklist?

Checklists help to ensure that an audit is conducted in a systematic and comprehensive manner and that adequate evidence is obtained. 6. Checklists can provide structure and continuity to an audit and can ensure that the audit scope is being followed.

Why is an audit checklist important?

The audit checklist will help your audits address the necessary requirements. It stands as a reference point before, during and after the audit process and if developed for a specific audit and used correctly will provide the following benefits: Ensures the audit is conducted systematically. Promotes audit planning.