About this template
Work type: Other
Location: United States
Client industry: Other
Version: 1 (Latest)
This template includes
- 18 tasks
- 33 client tasks
Financial Audit
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| Planning Phase | ||
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| Initial Client Meeting |
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| Engagement Letter Preparation & Signing |
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| Draft and share a document request list detailing all required financial and operational documents. |
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| Risk Assessment | ||
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| Review of Prior Year Audit Workpapers |
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| Preliminary Analytical Procedures |
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| Fieldwork Preparation | ||
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| Schedule Fieldwork |
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| Assign Team Roles and Responsibilities |
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| Fieldwork Execution | ||
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| Perform Substantive Testing |
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| Revenue Testing | ||
| Accounts Receivable Confirmation | ||
| Expense Testing | ||
| Payroll Testing | ||
| Fixed Asset Verification | ||
| Inventory Testing (if applicable) | ||
| Accounts Payable and Accruals Testing | ||
| Cash and Bank Balance Reconciliation | ||
| Equity Testing | ||
| Detailed Analytical Procedures | ||
| Subsequent Event Review | ||
| Related Party Transactions | ||
| Verify Internal Controls |
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| Prepare Audit Documentation |
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| Review Phase | ||
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| Initial Review by Audit Manager |
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| Senior Review |
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| Reporting Phase | ||
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| Draft Audit Report |
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| Management Response Collection |
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| Finalize Audit Report |
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| Closing Phase | ||
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| Conduct Closing Meeting |
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| Archive Workpapers |
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| Post-Audit Review |
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| Client Tasks Client Tasks | ||
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| Provide year-end and interim financial statements (balance sheet, income statement, cash flow statement, and statement of equity). | ||
| Provide the detailed general ledger for the audit period. | ||
| Provide a trial balance for the audit period for reconciliation purposes. | ||
| Provide contact information for selected accounts to confirm balances. | ||
| Provide an aged accounts receivable report as of the audit date. | ||
| Provide an aged accounts payable report as of the audit date. | ||
| Provide supporting documentation for major outstanding payables. | ||
| Submit bank statements for all accounts covering the audit period and the subsequent period. | ||
| Provide bank reconciliations as of the year-end. | ||
| Provide detailed fixed asset register, including additions, disposals, and depreciation schedules. | ||
| Provide the year-end inventory count sheets and valuation summary. | ||
| Provide supporting documentation for significant inventory purchases. | ||
| Submit major customer contracts or agreements. | ||
| Provide a breakdown of revenue by product or service line, if applicable. | ||
| Provide requested invoices and supporting documents for significant expense transactions. | ||
| Provide details of any major accruals or prepaid expenses. | ||
| Submit payroll registers for the audit period. | ||
| Provide payroll tax filings and year-end summaries (e.g., W-2s, 941s). | ||
| Provide copies of board minutes for the audit period. | ||
| Provide any contracts, legal agreements, or pending litigation documentation. | ||
| Provide loan agreements, debt covenants, and details of any new debt taken during the audit period. | ||
| Provide amortization schedules. | ||
| Share documentation related to any equity changes (e.g., stock issuance, dividend declarations). | ||
| Provide details of any significant contracts or agreements entered into during the audit period. | ||
| Submit internal control policies and procedures relevant to financial reporting and major financial cycles. | ||
| Notify the audit team of any significant events that occurred after the balance sheet date and provide relevant supporting documentation. | ||
| Provide details of any related party transactions, including agreements and disclosures. | ||
| Provide copies of tax returns filed for the fiscal year. | ||
| Include correspondence with tax authorities, if any. | ||
| Submit copies of current insurance policies and any significant claims made during the audit period. | ||
| Submit the company’s budget and forecasts for the audit period and the following fiscal year. | ||
| Provide signed management representation letter at the conclusion of the audit. | ||
| Provide compliance reports, licenses, and regulatory filings relevant to the company’s industry. | ||