This checklist is designed to ensure that all expenses incurred are properly documented, justified, and compliant with company policies. It aims to minimize errors and prevent fraudulent activities in expense reporting.
Gather all employee-submitted expense reports for the audit period. Ensure each report is properly filled out and submitted.
Check that each expense report is accompanied by original receipts and necessary documents, ensuring they match the claimed amounts.
Review each expense against the company's expense policy to ensure that all claimed expenses are within allowable limits and categories.
For each expense, confirm that there is a valid business purpose documented, linking it to company activities.
Select a random sample of expense reports for in-depth examination to ensure adherence to company policies and accurate reporting.
Identify any discrepancies found during the review process and follow up with employees to resolve issues promptly.
Document all findings from the audit, including any policy violations, and prepare a report for management.
Based on audit findings, review and update expense policies if necessary to improve compliance and streamline processes.
Share the results of the audit with employees, including any changes to expense policies and best practices for submitting future expense reports.