Workflow Templates: Financial Audit Preparation Checklist

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Financial Audit Preparation Checklist

Financial Statement Preparation

Ensure all financial statements are complete and include the balance sheet, income statement, and cash flow statement

Reconcile all bank statements with the general ledger

Review and finalize the trial balance

Documentation Gathering

Compile all bank statements, invoices, receipts, and expense reports

Collect documentation for all asset purchases, sales, and depreciation schedules

Gather all loan agreements and payment schedules

Internal Controls Review

Document and review internal control procedures for financial reporting

Test selected internal controls for effectiveness

Prepare a summary of internal control findings for auditors

Tax Compliance and Liabilities

Reconcile tax accounts and ensure all tax returns are filed

Review and calculate all tax liabilities, including estimated tax payments

Ensure compliance with all local, state, and federal tax regulations

Account Analysis and Reconciliation

Perform detailed account analysis to ensure accuracy of all ledger entries

Reconcile significant accounts, including accounts receivable and payable

Review and confirm intercompany transactions and balances

Audit Trail Preparation

Organize a clear audit trail for transactions throughout the fiscal year

Ensure all adjusting journal entries are properly recorded

Maintain a list of all journal entries made during the period under audit

Use this template in Manifestly

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