Free Sample Internal Audit Checklist Template
Sample Internal Audit Checklist
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Prepared by: |
[YOUR NAME] |
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Date: |
February 10, 2055 |
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Company Name: |
[YOUR COMPANY NAME] |
A. Compliance with Policies and Procedures
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Task No. |
Checklist Item |
Status |
|---|---|---|
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1 |
Review the organization’s policies and procedures manual. |
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2 |
Verify that employees are adhering to internal policies. |
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3 |
Confirm any updates or revisions to procedures are implemented. |
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4 |
Ensure proper documentation of processes. |
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5 |
Evaluate the communication of policies to all staff. |
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B. Risk Management
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Task No. |
Checklist Item |
Status |
|---|---|---|
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1 |
Identify potential risks associated with the audited process. |
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2 |
Evaluate the risk management framework in place. |
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3 |
Ensure risk assessments are conducted regularly. |
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4 |
Confirm that risk mitigation strategies are effective. |
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5 |
Review any incident reports or risk documentation. |
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C. Internal Controls
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Task No. |
Checklist Item |
Status |
|---|---|---|
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1 |
Assess the design of internal controls for key processes. |
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2 |
Verify that internal controls are implemented as designed. |
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3 |
Evaluate the effectiveness of existing controls. |
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4 |
Identify any gaps or weaknesses in internal controls. |
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5 |
Ensure corrective actions have been taken for previous issues. |
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D. Financial Reporting and Accuracy
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Task No. |
Checklist Item |
Status |
|---|---|---|
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1 |
Verify the accuracy of financial statements and reports. |
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2 |
Ensure compliance with accounting standards and regulations. |
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3 |
Cross-check transactions and entries for discrepancies. |
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4 |
Review expense reports and revenue tracking processes. |
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5 |
Confirm proper documentation for all financial transactions. |
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E. Asset Management
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Task No. |
Checklist Item |
Status |
|---|---|---|
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1 |
Conduct an inventory review of physical and intangible assets. |
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2 |
Ensure proper safeguarding of assets (security and storage). |
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3 |
Verify that asset valuations are accurate and up to date. |
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4 |
Confirm that asset disposal procedures are followed correctly. |
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5 |
Review asset depreciation schedules and records. |
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F. Information Technology Controls
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Task No. |
Checklist Item |
Status |
|---|---|---|
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1 |
Review IT security policies and procedures. |
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2 |
Assess data access controls and user permissions. |
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3 |
Ensure that data backup and recovery processes are in place. |
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4 |
Evaluate the system monitoring and reporting mechanisms. |
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5 |
Check compliance with data protection laws and IT standards. |
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