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