Financial Audit Checklist
John F. Smith
December 29, 2011
Are proper books and records kept of all transactions?
Do the accounts comply with requirements for external scrutiny?
Are accounts formally approved at an annual meeting?
Is a plan held showing organizational structure?
Are lines of authority and reporting laid down in writing and communicated to all staff?
Are all staff and volunteers given proper training?
Is professional advice taken where appropriate?
Are annual budgets prepared and approved to cover both income and expenditure?
Is performance measured against budgets at regular intervals?
Banking and Custody Procedures
Are incoming receipts banked promptly and regularly?
Is the safe custody ensured for all valuables held on premises?
Are keys of safe or cash box signed for?
Is insurance held to cover contents of safe or cash box?
Is all incoming money banked and no amounts held over for petty cash feeding/replenishment?
Is a written statement of banking and custody procedures available to all staff and volunteers?
Is money belonging held separately from that of any individual staff member?
Are there controls over receipt books?
Checks of Income Records
Are regular checks made to ensure records are accurate?
Are regular checks made to ensure no discrepancies between records?
Are checks made by someone other than the original recording officer?
Are any restrictions placed on donated income identified and observed?
Controls over expenditure
Are all expenditures properly authorized?
Is there supporting documentation required and maintained for all expenditures?
Are check books kept in secure place with access only by nominated persons?
Is the preparation of payments undertaken by someone other than the authorizing officer?
Is a written statement of policy and practice on payment procedures available to all staff and volunteers?
Controls over purchases
Are invoices checked against orders made?
Is the quality and quantity of goods supplied checked against orders made?
Is inventory of stock taken regularly?
Are authority levels for placing orders documented?
Are payments only made against original invoices?
Staff and Salaries
Are Personnel records kept and held separately from wage records?
Are wage/salary levels properly authorized and recorded?
Are checks made to verify existence of employees?
Are cash payments avoided wherever possible?
Are staff employed in compliance with state/federal regulations?
Are background checks completed, particularly for staff assigned financial duties?
Are secure records held of all accounts?
Are regular bank reconciliations carried out?
Are instructions to open or close accounts properly authorized and/or reported?
Are checks made to ensure that there are no dormant accounts?
Are bank statements regularly inspected by officers not assigned bookkeeping duties?
Are cross checks made between bank records and the income and expenditure records?
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