Start using this Workflow
Internal Audit Checklist
Governance and Risk Management
Assess the effectiveness of the Board's oversight of risk management.
Review the risk management framework for comprehensiveness and alignment with regulatory requirements.
Evaluate the process for identifying, assessing, and mitigating risks.
Examine the internal audit function's independence and effectiveness.
Verify the existence and execution of a formal risk appetite statement.
Compliance and Regulatory Adherence
Ensure compliance with relevant financial regulations and standards.
Review the processes for reporting to regulatory bodies.
Assess the adequacy of anti-money laundering (AML) and fraud detection mechanisms.
Examine the process for updating policies and procedures in response to regulatory changes.
Verify the training and awareness programs related to compliance for staff.
Information Security and Data Protection
Evaluate the effectiveness of data security measures and controls.
Review the incident response and data breach protocols.
Assess the adequacy of data backup and recovery procedures.
Examine the processes for managing user access and permissions.
Verify compliance with data privacy laws and regulations.
Financial Reporting and Controls
Review the reliability and integrity of financial reporting.
Assess the effectiveness of internal financial controls.
Evaluate the process for preparing financial statements.
Examine the adequacy of the budgeting and forecasting processes.
Verify the accuracy and completeness of financial records.
Operational Efficiency and Effectiveness
Assess the efficiency and effectiveness of operational processes.
Review the adequacy of resource allocation and utilization.
Evaluate the effectiveness of performance measurement and management systems.
Examine the processes for continuous improvement and innovation.
Verify the alignment of operational activities with strategic goals.
