External Audit Checklist
External Audit Checklist
|
Prepared by: |
[YOUR NAME] |
|
Date: |
August 16, 2055 |
|
Company Name: |
[YOUR COMPANY NAME] |
I. Pre-Audit Preparation
|
1. Define audit objectives |
|
|
2. Review prior audit reports |
|
|
3. Understand client operations |
|
|
4. Identify key stakeholders |
|
|
5. Prepare an audit plan |
|
|
6. Schedule audit timeline |
|
|
7. Request necessary documents |
|
II. Internal Control Assessment
|
1. Evaluate control environment |
|
|
2. Review risk assessment procedures |
|
|
3. Assess control activities |
|
|
4. Test information systems controls |
|
|
5. Examine segregation of duties |
|
|
6. Analyze documentation processes |
|
III. Financial Statement Review
|
1. Examine income statement |
|
|
2. Review balance sheet |
|
|
3. Analyze cash flow statement |
|
|
4. Verify account balances |
|
|
5. Confirm revenue recognition policies |
|
|
6. Evaluate expense classifications |
|
IV. Compliance Checks
|
1. Review compliance with regulations |
|
|
2. Check adherence to internal policies |
|
|
3. Assess tax compliance |
|
|
4. Examine contracts for compliance |
|
|
5. Verify licensing requirements |
|
V. Reporting and Recommendations
|
1. Compile audit findings |
|
|
2. Prepare audit report |
|
|
3. Present findings to stakeholders |
|
|
4. Discuss recommendations |
|
|
5. Follow up on implementation of recommendations |
|
