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    Financial Audit Checklist

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    Tadele
    The financial audit checklist outlines key areas to review including accounting requirements, organizational structure, budgets, banking and custody procedures, checks of income records, controls over expenditure, controls over purchases, staff and salaries, and bank accounts. It recommends ensuring proper books and records are kept, annual budgets are prepared and approved, incoming receipts are promptly banked, expenditures are properly authorized and documented, invoices are checked against orders, personnel and wage records are kept separately, and regular bank reconciliations are carried out. The checklist provides a comprehensive overview of internal financial controls and procedures that should be reviewed.

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    Financial Audit Checklist

    Uploaded by

    Tadele
    35 views2 pages
    The financial audit checklist outlines key areas to review including accounting requirements, organizational structure, budgets, banking and custody procedures, checks of income records, controls over expenditure, controls over purchases, staff and salaries, and bank accounts. It recommends ensuring proper books and records are kept, annual budgets are prepared and approved, incoming receipts are promptly banked, expenditures are properly authorized and documented, invoices are checked against orders, personnel and wage records are kept separately, and regular bank reconciliations are carried out. The checklist provides a comprehensive overview of internal financial controls and procedures that should be reviewed.

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    The financial audit checklist outlines key areas to review including accounting requirements, organizational structure, budgets, banking and custody procedures, checks of income records, controls over expenditure, controls over purchases, staff and salaries, and bank accounts. It recommends ensuring proper books and records are kept, annual budgets are prepared and approved, incoming receipts are promptly banked, expenditures are properly authorized and documented, invoices are checked against orders, personnel and wage records are kept separately, and regular bank reconciliations are carried out. The checklist provides a comprehensive overview of internal financial controls and procedures that should be reviewed.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    35 views2 pages

    Financial Audit Checklist

    Uploaded by

    Tadele
    The financial audit checklist outlines key areas to review including accounting requirements, organizational structure, budgets, banking and custody procedures, checks of income records, controls over expenditure, controls over purchases, staff and salaries, and bank accounts. It recommends ensuring proper books and records are kept, annual budgets are prepared and approved, incoming receipts are promptly banked, expenditures are properly authorized and documented, invoices are checked against orders, personnel and wage records are kept separately, and regular bank reconciliations are carried out. The checklist provides a comprehensive overview of internal financial controls and procedures that should be reviewed.

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    © All Rights Reserved
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    Financial Audit Checklist

    By John F. Smith

    Accounting Requirements
    Are proper books and records kept of all transactions?
    Do the accounts comply with requirements for external scrutiny?
    Are accounts formally approved at an annual meeting?
    Organizational Structure
    Is a plan held showing organizational structure?
    Are lines of authority and reporting laid down in writing and communi-
    cated to all staff?
    Are all staff and volunteers given proper training?
    Is professional advice taken where appropriate?
    Budgets
    Are annual budgets prepared and approved to cover both income and
    expenditure?
    Is performance measured against budgets at regular intervals?
    Banking and Custody Procedures
    Are incoming receipts banked promptly and regularly?
    Is the safe custody ensured for all valuables held on premises?
    Are keys of safe or cash box signed for?
    Is insurance held to cover contents of safe or cash box?
    Is all incoming money banked and no amounts held over for petty cash
    feeding/replenishment?
    Is a written statement of banking and custody procedures available to
    all staff and volunteers?
    Is money belonging held separately from that of any individual staff
    member?
    Are there controls over receipt books?
    Checks of Income Records
    Are regular checks made to ensure records are accurate?
    Are regular checks made to ensure no discrepancies between records?
    Are checks made by someone other than the original recording officer?
    Are any restrictions placed on donated income identified and observed?
    Controls over expenditure
    Customize, print, share & USE this list at: checklist.com/financial-audit-checklist
    Are all expenditures properly authorized?
    Is there supporting documentation required and maintained for all ex-
    penditures?
    Are check books kept in secure place with access only by nominated
    persons?
    Is the preparation of payments undertaken by someone other than the
    authorizing officer?
    Is a written statement of policy and practice on payment procedures
    available to all staff and volunteers?
    Controls over purchases
    Are invoices checked against orders made?
    Is the quality and quantity of goods supplied checked against orders
    made?
    Is inventory of stock taken regularly?
    Are authority levels for placing orders documented?
    Are payments only made against original invoices?
    Staff and Salaries
    Are Personnel records kept and held separately from wage records?
    Are wage/salary levels properly authorized and recorded?
    Are checks made to verify existence of employees?
    Are cash payments avoided wherever possible?
    Are staff employed in compliance with state/federal regulations?
    Are background checks completed, particularly for staff assigned finan-
    cial duties?
    Bank accounts
    Are secure records held of all accounts?
    Are regular bank reconciliations carried out?
    Are instructions to open or close accounts properly authorized and/or
    reported?
    Are checks made to ensure that there are no dormant accounts?
    Are bank statements regularly inspected by officers not assigned book-
    keeping duties?
    Are cross checks made between bank records and the income and
    expenditure records?

    Customize, print, share & USE this list at: checklist.com/financial-audit-checklist

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