This checklist is designed to ensure that all necessary documents and procedures are completed and in order prior to conducting a financial audit. It helps streamline the audit process and ensures compliance with financial regulations.
Collect the last three years of financial statements, including balance sheets, income statements, and cash flow statements.
Ensure all necessary supporting documentation for transactions is collected, such as invoices, receipts, and contracts.
Assess and document the company's internal control systems to ensure they are functioning correctly.
Create a detailed schedule for the audit process, including timelines and responsible parties for each stage.
Inform all relevant stakeholders about the upcoming audit and any required actions on their part.
Arrange a meeting with the audit team and relevant personnel to discuss the audit process and expectations.
Complete and submit the audit plan to the appropriate authorities for approval before the audit begins.