Workflow Templates: Financial Audit Checklist

Reconcile sales records with payment gateway reports

Verify the accuracy of sales tax calculations

Ensure all sales transactions are recorded in the correct period

Review refunds and returns for proper documentation

Confirm that discounts and promotions are applied correctly

Match purchase orders with supplier invoices

Verify that all expenses are categorized correctly

Review recurring expenses for consistency and accuracy

Check for any unauthorized or unusual expenses

Ensure that all expenses have the necessary approvals

Reconcile physical inventory counts with inventory records

Verify the accuracy of inventory valuation methods

Check for obsolete or slow-moving inventory items

Ensure that inventory adjustments are properly documented

Review inventory turnover ratios and analyze trends

Confirm that customer invoices are issued promptly

Ensure accurate posting of customer payments

Review aging report and follow up on overdue accounts

Check for proper documentation of credit terms and limits

Reconcile accounts receivable ledger with general ledger

Verify that supplier invoices match purchase orders and receipts

Ensure timely and accurate payment of supplier invoices

Review accounts payable aging report for overdue payments

Confirm that all vendor credits are properly applied

Reconcile accounts payable ledger with general ledger

Financial Audit Checklist