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Financial Audit Checklist Form Template

Create a comprehensive financial audit checklist with ease

Struggling to ensure a complete and efficient financial audit process? This Financial Audit Checklist Form Template is designed for auditors like you, helping to streamline your review and increase accuracy. You can easily capture essential data, enforce compliance with regulations, minimize oversight risks, and enhance communication with stakeholders, all while saving precious time. Explore the template and customize it to fit your specific needs.

Use this Template (FREE) Live Preview
Are you completing this audit as
Individual
Business
Nonprofit
Other
Please Specify:
Primary contact full name
Email address
Primary accounting method
Cash
Accrual
Hybrid/Other
Not sure
Which financial records do you currently have available
Please Specify:
Books are current through the most recent month-end
Yes
No
Primary accounting system
QuickBooks
Xero
Sage
Wave
FreshBooks
Zoho Books
Excel or Google Sheets
None
Other
Please Specify:
Bank accounts reconciled through last month-end
Yes
No
Partially
Not applicable
Not sure
Credit card accounts reconciled through last month-end
Yes
No
Partially
Not applicable
Not sure
Unreconciled items older than 60 days are present
Yes
No
Not sure
Not applicable
Primary revenue sources
Product sales
Service income
Subscriptions
Grants or donations
Rental income
Interest or other income
Not applicable
Other
Please Specify:
Accounts receivable aging is reviewed monthly
Yes
No
Expense categories are applied consistently
Strongly disagree
Disagree
Neither
Agree
Strongly agree
Vendor bills are recorded before payment
Yes
No
Not applicable
A cash flow forecast is maintained
Yes
No
Not applicable
Operating cash reserve coverage
None
Less than 1 month
1-3 months
4-6 months
7-12 months
More than 12 months
Not sure
Not applicable
Required tax filings are submitted on time
Always
Often
Sometimes
Rarely
Never
Not applicable
Payroll taxes and filings are current
Yes
No
Not applicable
Not sure
Segregation of duties exists for cash handling
Yes
No
Not applicable
Backups of financial data occur
Never
Rarely
Sometimes
Often
Always
Current insurance coverage in place
Please Specify:
Debt obligations are tracked with amortization schedules
Yes
No
Not applicable
Not sure
Primary goals for this financial audit
Please Specify:
Additional context or notes
Consent to be contacted about this audit
Yes
No
Type your full legal name as signature
Date
I certify the information provided is accurate to the best of my knowledge
True
False
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Paper art illustration depicting a financial audit checklist and related elements for FormCreatorAI article.

When to use this form

Use this checklist before your year-end close, during an external audit, or when onboarding a new finance leader. It helps controllers, accountants, and internal auditors confirm your records are complete, controls work, and risks are documented. Examples: reconcile bank and credit accounts after a system change; test revenue cut-off for a busy month; verify fixed-asset additions and disposals. Facility walkthrough checklist form can support fixed-asset verification during a site visit. Small nonprofits can use it to prepare for a grant compliance review, while growing companies use it after a merger to align policies. The outcome: cleaner workpapers, fewer surprises, and faster sign-off.

Must Ask Financial Audit Checklist Questions

  1. Have all bank, credit card, and key balance sheet accounts been reconciled to supporting statements?

    Reconciliations confirm completeness and accuracy before deeper testing. They surface timing issues and missing entries that would misstate your cash or liabilities.

  2. Were there any unusual, large, or non-routine transactions this period? Include purpose, approvals, and documentation.

    Spotting outliers directs effort to higher-risk areas. Clear context and evidence reduce follow-up and support the accounting treatment you chose.

  3. Is segregation of duties in place for cash receipts, disbursements, and journal entries?

    Proper separation lowers fraud and error risk. If duties combine by necessity, note compensating controls and reviewer sign-offs so you can show oversight.

  4. How were key estimates determined (for example, revenue recognition, reserves, depreciation, impairment) and who reviewed them?

    Estimates drive material balances and require judgment. Stating methods, assumptions, and reviewers supports audit trails and consistency across periods.

  5. What is the status of prior audit findings and management letter points, and what evidence shows remediation?

    Closing the loop proves continuous improvement and reduces repeat issues. Non conformity report form (NCR) form helps you document corrective actions and assign owners.

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