External Audit Checklist
Holistic External Audit Framework
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Auditor |
Date |
Company |
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[Your Name] |
[Date] |
[Your Company Name] |
Audit Objective
The objective of this comprehensive external audit is to systematically review and validate financial records, internal policies and procedures, and external compliance measures. By conducting a thorough examination, the audit aims to provide assurance on the accuracy, reliability, and compliance of the audited entity's financial and operational practices, fostering transparency and integrity.
Review of Financial Records
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Examine supporting documents for general ledger entries. |
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Evaluate the accuracy of balance sheet classifications. |
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Conduct a trend analysis on income statement figures. |
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Validate the accuracy and consistency of cash flow statement data. |
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Investigate and document significant changes in equity over the audit period. |
Examination of Policies and Procedures
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Evaluate the design and operating effectiveness of internal control policies. |
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Scrutinize the effectiveness of financial reporting procedures. |
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Ensure adherence to accounting policies through a detailed examination. |
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Audit compliance with tax regulations, assessing accuracy and timeliness. |
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Thoroughly review and test the effectiveness of risk management procedures. |
Audit of External Compliance
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Verify compliance with statutory requirements at federal and state levels. |
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Assess conformity to external accounting standards (GAAP, IFRS, etc.). |
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Ensure compliance with contractual obligations through detailed examination. |
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Review and validate accuracy in regulatory reporting compliance. |
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Examine adherence to international trade regulations, ensuring due diligence. |
