Planning & Risk Assessment

□ Understand entity and environment
□ Assess inherent risks
□ Evaluate internal controls
□ Determine materiality levels
□ Plan audit approach
□ Allocate audit resources
□ Prepare audit programs
□ Schedule audit procedures
□ Coordinate with management
□ Review prior audit findings
□ Update permanent files
□ Prepare planning documentation

Internal Control Evaluation

□ Document control environment
□ Test control activities
□ Evaluate information systems
□ Review monitoring activities
□ Assess risk assessment process
□ Test segregation of duties
□ Evaluate authorization controls
□ Review reconciliation procedures
□ Test physical safeguards
□ Evaluate documentation standards
□ Assess management override
□ Document control deficiencies

Cash & Cash Equivalents

□ Confirm bank balances
□ Review bank reconciliations
□ Test outstanding checks
□ Verify deposits in transit
□ Review petty cash funds
□ Test cash receipts cutoff
□ Test cash disbursements cutoff
□ Review transfer procedures
□ Verify restricted cash
□ Test foreign currency translation
□ Review cash management
□ Assess liquidity position

Accounts Receivable

□ Confirm customer balances
□ Review aging schedule
□ Test bad debt allowance
□ Verify credit policies
□ Review collection procedures
□ Test sales cutoff
□ Verify pricing accuracy
□ Review credit memos
□ Test related party transactions
□ Evaluate collectibility
□ Review write-off procedures
□ Test subsequent collections

Inventory

□ Observe physical inventory
□ Test inventory counts
□ Review costing methods
□ Test obsolescence reserves
□ Verify ownership
□ Review consignment inventory
□ Test inventory in transit
□ Evaluate inventory controls
□ Review cycle counts
□ Test standard costs
□ Verify inventory adjustments
□ Review inventory turnover

Fixed Assets

□ Verify asset existence
□ Test additions
□ Review disposals
□ Verify depreciation calculations
□ Test useful life estimates
□ Review impairment indicators
□ Verify asset tagging
□ Test lease classifications
□ Review maintenance records
□ Verify insurance coverage
□ Test construction in progress
□ Review capital budgeting

Accounts Payable

□ Review vendor reconciliations
□ Test unrecorded liabilities
□ Verify payment procedures
□ Review purchase cutoff
□ Test expense accruals
□ Review vendor statements
□ Verify approval procedures
□ Test duplicate payments
□ Review credit terms
□ Verify tax compliance
□ Test subsequent disbursements
□ Review dispute resolution

Debt & Financing

□ Confirm debt balances
□ Review loan agreements
□ Test covenant compliance
□ Verify interest calculations
□ Review payment schedules
□ Test refinancing transactions
□ Evaluate going concern
□ Review guarantees
□ Test derivatives
□ Verify collateral
□ Review commitment letters
□ Assess debt capacity

Equity

□ Verify share capital
□ Review stock transactions
□ Test dividend declarations
□ Verify treasury stock
□ Review option plans
□ Test earnings per share
□ Verify retained earnings
□ Review equity agreements
□ Test share-based payments
□ Verify ownership records
□ Review corporate minutes
□ Test equity rollforward

Revenue

□ Test revenue recognition
□ Verify contract terms
□ Review pricing policies
□ Test sales transactions
□ Verify deferred revenue
□ Review warranty reserves
□ Test returns and allowances
□ Verify commission calculations
□ Review channel stuffing
□ Test bill and hold
□ Verify percentage completion
□ Review multiple deliverables

Expenses

□ Test expense classifications
□ Review cost allocations
□ Verify payroll expenses
□ Test employee benefits
□ Review travel expenses
□ Verify professional fees
□ Test rent expense
□ Review insurance costs
□ Verify utility expenses
□ Test repairs and maintenance
□ Review advertising costs
□ Verify tax expenses

Financial Reporting

□ Review financial statements
□ Test note disclosures
□ Verify comparative information
□ Review subsequent events
□ Test related party disclosures
□ Verify segment reporting
□ Review MD&A
□ Test earnings releases
□ Verify regulatory filings
□ Review internal reporting
□ Test consolidation procedures
□ Document reporting conclusions