Workflow Templates: Operational Audit Checklist

Verify that financial reports are prepared in a timely manner and in accordance with the applicable accounting standards.

Ensure that all financial transactions are authorized and recorded accurately to maintain the integrity of financial statements.

Review internal controls over financial reporting to detect any deficiencies or material weaknesses.

Check adherence to laws and regulations that have a significant impact on operations and financial statements.

Assess the process for monitoring compliance with applicable licensing, reporting, and other operational requirements.

Review the procedures for identifying, reporting, and addressing instances of non-compliance.

Evaluate the efficiency of key processes and procedures within various departments.

Analyze the utilization of resources, including personnel, equipment, and technology, to determine if they are optimized for performance.

Assess the effectiveness of current strategies in meeting organizational goals and objectives.

Identify and evaluate the effectiveness of risk management policies and procedures.

Ensure that there is a process in place for regular risk assessments and that mitigation strategies are implemented effectively.

Review insurance coverages and other risk transfer mechanisms to ensure adequate protection against potential losses.

Examine the reliability and integrity of information systems and data management processes.

Assess the controls in place to protect against unauthorized access, data breaches, and loss of data.

Review the disaster recovery and business continuity plans to ensure they are current and effective.

Check the effectiveness of recruitment, training, and retention programs for employees.

Review policies and practices related to performance evaluations, promotions, and compensation to ensure fairness and consistency.

Assess compliance with labor laws and regulations, including those related to equal opportunity, harassment, and workplace safety.

Operational Audit Checklist