Workflow Templates: Compliance Audit Checklist

Review and verify the accuracy and completeness of financial statements

Ensure compliance with generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS)

Check for timely filing of required financial reports with regulatory bodies

Assess the effectiveness of internal control systems over financial reporting

Evaluate the segregation of duties to prevent fraud and errors

Test for compliance with internal policies and procedures

Verify the accuracy and completeness of tax computations and returns

Ensure adherence to tax laws and regulations, including payment deadlines

Review documentation for tax credits, deductions, and exemptions claimed

Check adherence to laws and regulations specific to the industry and jurisdiction

Review compliance with anti-money laundering (AML) and know your customer (KYC) regulations

Assess compliance with employment, health and safety, and environmental laws

Evaluate controls over IT systems that impact financial reporting

Assess data protection measures and compliance with privacy laws

Review policies for data backup, disaster recovery, and business continuity

Ensure the existence and enforcement of a code of conduct and ethics policy

Review the processes for addressing conflicts of interest

Assess adherence to corporate governance guidelines and best practices

Compliance Audit Checklist