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Documentation Audit Plan 0 Checklist

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CA KIRANMAI POTTURI
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10 views3 pages

Documentation Audit Plan 0 Checklist

Uploaded by

CA KIRANMAI POTTURI
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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AUDIT PLAN

Phase 1: Planning (Week 1)

1. Define Objectives: Clearly outline the goals of the audit.

2. Scope Definition: Determine the areas to be audited.

3. Team Formation: Assemble an audit team with relevant skills.

4. Risk Assessment: Identify potential risks and areas of concern.

5. Audit Plan: Develop a detailed audit plan with timelines and responsibilities.

Phase 2: Preparation (Week 2)

1. Document Collection: Gather all necessary financial documents (invoices, receipts, bank
statements, etc.).

2. Document Organization: Sort documents by categories (e.g., sales, expenses, payroll) and use a
clear labeling system.

3. Digitalization: Digitize records and ensure they are backed up.

4. Initial Review: Conduct an initial review of the documents to identify any gaps or inconsistencies.

Phase 3: Execution (Week 3)

1. Detailed Examination: Conduct a thorough examination of the financial documents.

2. Interviews: Interview key personnel to gather additional information.

3. Testing Controls: Test internal controls to ensure they are effective.

4. Data Analysis: Use data analytics tools to identify patterns and anomalies.

5. Documentation: Maintain detailed records of the audit process and findings.

Phase 4: Reporting (Week 4)

1. Draft Report: Prepare a draft audit report summarizing the findings.

2. Review: Review the draft report with the audit team and make necessary revisions.

3. Final Report: Finalize the audit report and present it to management.

4. Action Plan: Develop an action plan to address any issues identified in the audit.

5. Follow-Up: Schedule follow-up audits to ensure corrective actions are implemented.


CHECKLIST
Here's a checklist of documents that an Indian entity should obtain from its US entity to perform a
documentation audit:

Financial Statements

1. Balance Sheet

2. Income Statement (Profit & Loss Statement)

3. Cash Flow Statement

4. Statement of Changes in Equity

5. Notes to Financial Statements

Tax Documents

1. Federal Income Tax Returns

2. State Income Tax Returns

3. Sales Tax Returns

4. Employment Tax Returns

5. Form 1099s and 1096s

Compliance Documents

1. Articles of Incorporation/Formation

2. Bylaws/Operating Agreement

3. Minutes of Board Meetings and Shareholder Meetings

4. Corporate Resolutions and Authorizations

5. Regulatory Filings (e.g., SEC filings)

Payroll and Employee Records

1. Payroll Registers

2. Employee Earnings Records

3. Withholding Tax Records

4. Employer’s Quarterly Federal Tax Returns (Form 941)

5. State Unemployment Tax Returns (Form 940)

Bank and Financial Records

1. Bank Statements and Reconciliations


2. Loan Agreements and Statements

3. Investment Records

4. Banking and Credit References

Asset and Inventory Records

1. Fixed Asset Register

2. Depreciation Schedules

3. Inventory Records and Valuation Reports

4. Physical Verification Reports

Contracts and Agreements

1. Lease Agreements

2. Supplier Contracts

3. Customer Contracts

4. Service Agreements

Other Relevant Documents

1. Internal Audit Reports

2. External Audit Reports

3. Legal Correspondence and Litigation Records

4. Insurance Policies

5. Compliance Certificates

Miscellaneous

1. Management Representation Letter

2. Cash Certificate

3. Direct Confirmations from Third Parties (Banks, Debtors, Creditors)

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