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Statutory Audit Checklist Layout

Statutory Audit Checklist Layout

Prepared by:

[YOUR NAME]

Date:

January 5, 2055

Company Name:

[YOUR COMPANY NAME]

Introduction

This checklist is designed to guide auditors through the statutory audit process, ensuring that all necessary components are reviewed and verified according to regulatory requirements. It provides an organized framework to help ensure the accuracy and completeness of financial statements.

1. Preliminary Activities

  • Engagement Acceptance

  • Understand Client's Business Environment

  • Develop Audit Plan

2. Internal Controls Evaluation

  • Review Control Environment

  • Test Control Activities

  • Evaluate Risk Assessment Procedures

3. Compliance with Laws and Regulations

  • Validate Compliance with Tax Regulations

  • Ascertain Compliance with Industry Standards

  • Verify Legal Proceedings Documentation

4. Financial Statements Verification

  • Audit Balance Sheet

  • Assess Profit and Loss Account

  • Review Cash Flow Statements

5. Audit Evidence Collection

  • Collect Sufficient Evidence for Assertions

  • Ensure Reliability of Audit Evidence

  • Document Evidence Properly

6. Audit Reporting

  • Prepare Draft Audit Report

  • Discuss Findings with Management

  • Issue Final Audit Report

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