Financial Audit Manager Checklist

Define audit scope and objectives

Gather preliminary client information and background.

Develop audit plan and timeline.

Select and assemble the audit tea.m

Request and review client financial statements

Obtain prior audit reports.

Gather relevant contracts and agreements.

Identify high-risk areas

Evaluate financial statement risks.

Assess industry-specific risks

Examine existing internal controls

Test effectiveness of controls

Document findings and weaknesses

Conduct data sampling and testing

Review financial transactions

Verify account balances and reconcile differences.

Compile audit findings

Draft audit report

Review and finalize reports with management.

Ensure corrective actions are identified

Monitor implementation of recommendations.

Schedule follow-up audit if necessary