Internal Audit Readiness Checklist

GUIDE:

Use this checklist to evaluate your internal control environment before an official audit. Effective internal controls reduce risk and improve financial reporting accuracy.

I. Financial & Cash Management

Bank Reconciliation Statements (BRS)

Are all bank accounts reconciled on a monthly basis? Verify old outstanding items.

Petty Cash Controls

Are cash counts performed periodically? Is there a clear limit for petty cash disbursements?

Payment Authorization

Is there a clear segregation of duties between payment initiation and approval?

II. Fixed Assets & Inventory

Asset Register

Is the Fixed Asset Register (FAR) updated with cost, location, and depreciation details?

Physical Verification

Is there a policy for annual physical verification of assets and stock? Is the variance recorded?

III. Statutory Compliance

TDS & GST Reconciliation

Are financial records reconciled with GST portal and TDS (Form 26AS) data?

Contractor Compliance

Verification of labor law compliances for onsite contractors and outsourced staff.

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