Free Finance Audit Checklist Template
Finance Audit Checklist
Organization Name |
[Your Company Name] |
Audit Period |
[January 1, 2051 to December 31, 2051] |
Audit Firm |
[Audit Firm Name] |
Auditor(s) Name |
[Your Name] |
Contact Information |
[Your Contact Details] |
Audit Type |
[Internal] |
General Ledger and Financial Statements Review
-
Verify accuracy and completeness of the general ledger.
-
Review monthly and year-end financial statements.
-
Check for proper classification and recording of transactions.
-
Assess the reasonableness of journal entries and adjustments.
Cash and Bank Reconciliations
-
Ensure all bank accounts are reconciled monthly.
-
Review reconciliation statements for any long-standing unreconciled items.
-
Inspect cash handling procedures and petty cash management.
Accounts Receivable and Payable
-
Verify aging analysis of accounts receivable and payable.
-
Assess adequacy of allowance for doubtful accounts.
-
Review procedures for invoice processing and payment.
-
Confirm proper authorization for expenditures.
Payroll and Employee Benefits
-
Examine payroll records for accuracy and compliance with wage laws.
-
Review employee benefits disbursement and record-keeping.
-
Inspect adherence to tax withholding and reporting requirements.
Fixed Assets and Depreciation
-
Audit physical existence and condition of fixed assets.
-
Review depreciation methods and calculations.
-
Ensure proper documentation for acquisitions and disposals.
Inventory Management
-
Conduct physical inventory counts and compare with records.
-
Evaluate adequacy of inventory valuation methods.
-
Inspect inventory storage and security measures.
Internal Control Systems
-
Review internal control procedures for financial reporting.
-
Assess risk management and fraud prevention measures.
-
Examine authorization and approval processes.
Compliance with Laws and Regulations
-
Verify compliance with relevant financial regulations.
-
Review filings and reports submitted to regulatory authorities.
-
Inspect adherence to contractual obligations and agreements.
Taxation
-
Review tax returns and payments for accuracy.
-
Inspect compliance with tax laws and reporting requirements.
-
Evaluate documentation supporting tax calculations.
IT Systems and Data Security
-
Assess security of financial data and IT systems.
-
Review backup and recovery procedures for financial data.
-
Examine controls over access to financial systems and data.
Conclusion and Recommendations
-
Summarize audit findings and any identified issues.
-
Provide recommendations for improvement and corrective actions.
Author: Your Name
Company: Your Company Name