Audit Checklist Example
Audits reveal operational truth – make sure you’re ready for scrutiny. This Audit Checklist Example turns compliance anxiety into systematic confidence. Whether internal or external, scheduled or surprise, this AI-powered tool creates audit-specific preparation that actually works. Stop dreading audits and start using them as improvement catalysts.
1. Pre-Audit Phase
Audit Title: Financial Controls Audit
Date: _______________
Auditor(s): _______________
Department: Finance & Accounting
Planning Activities
□ Audit notification sent (Date: _______)
□ Audit scope defined:
- Accounts Payable ☑
- Accounts Receivable ☑
- Payroll Processing ☑
- Financial Reporting ☑
□ Risk assessment completed
□ Audit program prepared
□ Resources allocated
□ Timeline established
Document Request
□ Financial statements (last 12 months)
□ General ledger detail
□ Bank reconciliations
□ Vendor invoices (sample)
□ Customer invoices (sample)
□ Payroll registers
□ Journal entries listing
□ Internal control documentation
2. Fieldwork Phase
Accounts Payable Testing
Sample Size: 25 transactions
Period: January – March 2024
□ Invoice properly approved ✓ (24/25)
□ Three-way match performed ✓ (25/25)
□ Proper GL coding ✓ (23/25)
□ Supporting documentation ✓ (25/25)
□ Timely payment ✓ (22/25)
Issues Found:
- 1 invoice missing approval signature
- 2 invoices coded to wrong account
- 3 payments made after due date
Bank Reconciliation Review
Months Tested: Jan, Feb, Mar 2024
□ Reconciled within 5 days ✓ (3/3)
□ Independent review evidence ✓ (3/3)
□ Outstanding items cleared ✓ (3/3)
□ Reconciling items supported ✓ (3/3)
□ Journal entries approved ✓ (3/3)
Status: No exceptions noted
Segregation of Duties
□ Invoice entry: AP Clerk ✓
□ Payment approval: Controller ✓
□ Check signing: CFO ✓
□ Bank reconciliation: Accountant ✓
□ GL posting: Accounting Manager ✓
Assessment: Adequate segregation
3. Findings Summary
Finding #1 – High Risk
Title: Missing Invoice Approvals
Description: 1 of 25 invoices lacked proper approval
Impact: $15,000 unauthorized payment risk
Recommendation: Implement system controls requiring approval
Management Response: Will implement by 30 days
Finding #2 – Medium Risk
Title: GL Coding Errors
Description: 8% error rate in account coding
Impact: Financial reporting accuracy
Recommendation: Provide refresher training
Management Response: Training scheduled next week
Finding #3 – Low Risk
Title: Late Payments
Description: 12% of payments past due
Impact: Potential late fees and vendor relations
Recommendation: Review payment scheduling process
Management Response: Process under review
4. Audit Conclusion
Overall Rating: SATISFACTORY
- Strong controls: 85%
- Needs improvement: 15%
- Critical issues: 0
Follow-up Required
□ 30-day follow-up on Finding #1
□ 60-day follow-up on Finding #2
□ 90-day review of all items
Audit Completed: _______________
Report Issued: _______________
Next Audit: _______________
Signatures:
Lead Auditor: _______________ Date: _____
Audit Manager: _______________ Date: _____
Department Head: _______________ Date: _____
How the Audit Checklist Example works
Describe your audit type, scope, and timeline. Input your industry and applicable standards. The AI builds a customized audit checklist example with preparation phases, documentation requirements, and common findings prevention. Track progress, assign responsibilities, and generate audit packages. Export reports that demonstrate due diligence.
Audit failures aren’t just embarrassing – they’re expensive. Fines, remediation, and reputation damage multiply costs. This checklist prevents the preventable, turning audit preparation from last-minute panic into systematic excellence. It’s how professionals maintain continuous compliance instead of periodic scrambles.
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