Financial Audit | Financial Cents Templates

About this template

Full Financial Audit workflow with client tasks.

Work type: Other

Location: United States

Client industry: Other

Version: 1 (Latest)

This template includes

18 tasks
33 client tasks

	Planning Phase
	Initial Client Meeting	CEO
	Engagement Letter Preparation & Signing	CEO
	Draft and share a document request list detailing all required financial and operational documents.	CEO

Planning Phase

Initial Client Meeting

CEO

Engagement Letter Preparation & Signing

CEO

Draft and share a document request list detailing all required financial and operational documents.

CEO

	Risk Assessment
	Review of Prior Year Audit Workpapers	CEO
	Preliminary Analytical Procedures	CEO

Risk Assessment

Review of Prior Year Audit Workpapers

CEO

Preliminary Analytical Procedures

CEO

	Fieldwork Preparation
	Schedule Fieldwork	CEO
	Assign Team Roles and Responsibilities	CEO

Fieldwork Preparation

Schedule Fieldwork

CEO

Assign Team Roles and Responsibilities

CEO

	Fieldwork Execution
	Perform Substantive Testing	CEO
	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	CEO
	Prepare Audit Documentation	CEO

Fieldwork Execution

Perform Substantive Testing

CEO

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

CEO

Prepare Audit Documentation

CEO

	Review Phase
	Initial Review by Audit Manager	CEO
	Senior Review	CEO

Review Phase

Initial Review by Audit Manager

CEO

Senior Review

CEO

	Reporting Phase
	Draft Audit Report	CEO
	Management Response Collection	CEO
	Finalize Audit Report	CEO

Reporting Phase

Draft Audit Report

CEO

Management Response Collection

CEO

Finalize Audit Report

CEO

	Closing Phase
	Conduct Closing Meeting	CEO
	Archive Workpapers	CEO
	Post-Audit Review	CEO

Closing Phase

Conduct Closing Meeting

CEO

Archive Workpapers

CEO

Post-Audit Review

CEO

	Client Tasks Client Tasks
	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.

Client Tasks Client Tasks

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.