An internal audit checklist can help deliver meaningful results by promoting effective audit planning whether you are auditing a particular management system or simply updating an internal audit procedure. It helps in audit planning, reporting as well as problem-solving. This checklist delivers clear, concise and well-documented information that will be time-saving and will also provide long-term value for money.
10+ Internal Audit Checklist Templates in DOC | PDF
1. Internal Audit Checklist Template
2. Internal Audit Checklist Sample
3. Basic Internal Audit Checklist Template
4. Checklist for an Internal Audit Template
5. Professional Internal Audit Checklist Template
6. Annual Internal Audit Checklist Template
7. Internal Audit Manual Checklist Template
8. Quality Management Internal Audit Checklist Template
9. Simple Internal Audit Checklist Template
10. Checklist for an Internal Audit Example
11. Internal Audit Checklist Form Template
How to Craft a Checklist for an Internal Audit?
Step 1: Provide the Main Subjects
Outline the main subject headings for the audit checklist to help draw a picture of the important pieces of an audit. These subject headings can include items like management, finance, and operations of a particular organization or company. These can be related to the various aspects of the business that you should focus on when conducting an audit. You must use a proper program like a spreadsheet application or simply a paper and pencil to draft the checklist.
Step 2: List the Subheadings
Now its time to place the subheadings under the main subject headings in your checklist. You can start placing management topics under the management subject heading and include topics related to the planning of the business and employee management. List out the subheadings like sales plan, pricing policies and annual budget to help audit the planning processes. This part will help in verifying that a sales plan exists, the pricing policy is in place and business operates within a realistic budget. You can also place subheadings like employee expectations, job descriptions and discipline procedures to escort an audit-related to employee management.
Step 3: Place Topics Related to Financial Functions
Set out the topics and functions that are related to the financial operations that are under the finance subject heading. You can include topics related to the accounting practices as well as financial planning for the business. This division normally addresses the type of accounting system that is in place and also verify that the various accounting statements are prepared accurately. It then confirms that the owner understands the purpose behind all these statements.
Step 4: Lay Out the Business Operations
Put the functions are related to the operations of the business under the “operations” subject heading. This will include topics that are related to production along with marketing and promotions. For example, you will want to evaluate supplier relationships, inventory control measures, and training programs when it comes to production. You must address issues related to competitors, customer needs and promotion plans under marketing and promotions subheadings.
Step 5: Add Any Specific Details
Make sure you take advantage of the help that is available to small businesses. You can take the help of the audit checklist that is provided by the U.S. Small Business Administration. It can help in guiding the creation of your business-specific checklist. Make sure you read through it for guidance and add any kind of specific details like those that are related to quality and safety requirements, to your audit checklist.
Why Use an Internal Audit Checklist?
An internal audit checklist usually helps you to determine the level to which your organization’s quality management system answers to the requirements. This is done by determining whether those requirements have been effectively implemented and maintained properly. The checklist will help you in assessing the status of your existing management system and also helps in identifying certain weaknesses and provide corrective actions for the improvement.
The internal audit checklist can be considered one of the many tools that help the auditor in ensuring each internal audit addresses the mandatory requirements. It also serves as a reference point before, during and even after the audit procedure and it provides various benefits if it is developed for a specific audit and is used correctly.
Benefits of Internal Audit Checklist
- An internal audit checklist can be used as a reference for planning more upcoming future audits.
- Checklists can also be provided to the auditee before conducting the audit and it also provides a means of communication.
- A well-written and completed checklist provides evidence or proof that the audit was performed.
- It ensures whether the audit is conducted systematically and consistently or not and also ensures a consistent audit approach.
- An internal audit checklist sincerely supports the organization’s audit process and provides a depository for notes that are collected during the audit process.
- The checklist ensures uniformity in the performance of different auditors and provides references to the objective evidence and also provides assistance to the audit process.