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Business Audit Checklist


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Business Audit Checklist Business audit is a thorough analysis of a firm’s past and current state in terms of management, finance and operations in order to detect potential problems. The following Business Audit Checklist highlights key steps and tasks you can complete to conduct such an analysis.

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  1. Management.
    • Overview. A thorough business audit starts with examining management matters. You need to conduct an accurate assessment of your company’s personnel and procedures and how it manages its assets. This activity is called a management audit and focuses on detecting potential managerial problems. Take the following steps to audit your company’s management.
    • Verify that basic business tools (such as the mission statement, annual budget, financial statements) are developed and in place.
    • Evaluate each department’s effectiveness.
    • Ensure that every supervisor understands and demonstrates authority.
    • Be sure all workers get appropriate training and accurate job descriptions so they’re enabled to do their job as desired.
    • Check if managers have and use a management manual to manage employees and evaluate their performance.
    • Evaluate existing plans and policies for effectiveness and appropriateness.
    • Review your firm’s control environment to learn about factors influencing internal activities.
    • Evaluate effectiveness of decision making and problem solving.
    • Be sure senior leadership’s management style as well as human resource policies and training guidelines are affectively applied to current working environment.
    • Examine your company’s hiring practices to ensure it employs right people.
  2. Finance.
    • Overview. A financial audit is a process of examining and validating a company’s financial assets in order to ensure that the company’s finance management is effective so all tax and financial liabilities are managed appropriately. Please complete the listed below tasks to audit your funds.
    • Examine the general ledger to compare cash inflows and outflows against receipts and other documents of expenditure.
    • Track status of bank account statements to find out what balance (negative or positive) your company has at the beginning of the next fiscal year.
    • Audit tax returns for comparison with appropriate records of the general ledger.
    • Validate cash outflows in the general ledger through verifying receipts and invoices.
    • Track accounts payable to view current status of all liabilities of your firm, including rent fees, lease agreements, scheduled payments to creditors.
    • Examine accounts receivable to view current status of all assets of your firm, including rents, licensing fees, income-generating investments.
  3. Operations.
    • Overview. An audit of business operations means an evaluation of the operational environment of a company for quality and effectiveness in order to ensure that the company’s internal operations are carried out as expected. Please do the following tasks to conduct such an evaluation.
    • Examine relationships between suppliers and personnel for effectiveness.
    • Be sure tools for inventory management and control are in place.
    • Investigate alternate sources of raw materials and be sure they’re available.
    • Check if employee training programmes are developed and used to improve skills and knowledge of your workers.
    • Check if work instructions, guidelines and descriptions are in place.
    • Examine status of ongoing maintenance procedures and make sure appropriate documentation is in place.
    • Audit environmental protection policies for relevance.
    • Analyze your firm’s competition.
    • Investigate back-office operations for effectiveness.
    • Measure effectiveness of sales and...

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