Financial Audit Checklist
1
Review the company's financial statements, including the balance sheet, income statement, and statement of cash flows.
Examine the company's accounting records to ensure that they are accurate and complete.
Verify that all transactions have been properly recorded in the appropriate accounts.
Check for any discrepancies in the financial records and investigate any unexplained items.
Verify the existence and valuation of the company's assets, including physical inventory, investments, and accounts receivable.
Check for any unrecorded liabilities, such as outstanding loans or unpaid bills.
Evaluate the company's internal controls to ensure that they are adequate and effective.
Examine the company's tax records to ensure that they are accurate and up-to-date.
Confirm that the company is in compliance with all relevant laws and regulations.
Review any significant transactions, such as acquisitions or divestitures, to ensure that they have been properly accounted for.
Evaluate the company's financial ratios and compare them to industry benchmarks to identify any areas of concern.
Confirm that the company has adequate insurance coverage and that its insurance policies are up-to-date.
Verify that the company's financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS).
Review any related-party transactions to ensure that they have been properly disclosed and that the terms are fair and reasonable.
Consider any other factors that may be relevant to the company's financial health, such as changes in market conditions or economic trends.
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