![]() This Act required strict reforms by corporations to prevent accounting fraud. Congress passed the Sarbanes-Oxley (SOX) Act. Additionally, there are self-assessment checklists you can review prior to your audit, whether your business is public, private, or nonprofit.Īn integrated audit is one that combines the financial statement audit with an audit of your internal controls. The United States Government Accountability Office (US GAO) also puts out checklists for federal auditing. With membership to the American Institute of Certified Public Accountants (AICPA), you’ll receive auditing checklists for everything from basic auditing to assessment of the risk of fraud. Whether you are an auditor, or you own a company and want to prepare for an audit, you can use a checklist to get ready. There are many different types of checklists available for financial audits. ![]() Performing regular internal audits also shows the external auditors that your company has a means to improve your internal controls and thereby manage your organization effectively. Internal auditors report to your board and senior management within your governance structure and, instead of just providing reasonable assurance to your stakeholders and outsiders, they offer ways to improve your company overall. While external audits assess financial risks and statements, internal audits go further and consider your business’ growth, impact to the environment, employee culture, and reputation. Financial auditors can perform an external or an internal audit for you, but they must not have a stake in your company. At the conclusion of an audit, they render their opinion on the integrity of your documentation. Independent financial auditors are people who are not on the payroll of your company and do not have a stake in your outcome. Other reasons to conduct an audit include to verify that you are in compliance with regulatory agencies, and to protect your company from the risk of fraudulent financial practices. They give them reasonable assurance - not absolute assurance - and they give your company’s financial documentation more value. However, financial auditors use this process to assure your stakeholders (and any interested outsiders) of your company’s financial position. This process can look and feel as if someone is scrutinizing your sensitive files, searching for errors and misstatements. These often-annual events probe your company’s financial position: They look at your accounting records, internal control policies, and accounts in accordance with industry-accepted accounting standards. Managing Work Collections of actionable tips, guides, and templates to help improve the way you work.Ī financial audit is the investigation of your business’ financial statements and accompanying documentation and processes, and is performed by someone who is independent of your organization.Solution Center Move faster with templates, integrations, and more.Events Explore upcoming events and webinars.Content Center Get actionable news, articles, reports, and release notes.Partners Find a partner or join our award-winning program.Professional Services Get expert help to deliver end-to-end business solutions.Technical Support Get expert coaching, deep technical support and guidance.Help Center Get answers to common questions or open up a support case.Smartsheet University Access eLearning, Instructor-led training, and certification.Community Find answers, learn best practices, or ask a question.Learning Center Find tutorials, help articles & webinars.A quarterly roundup of the innovations that’ll make your work life easier. What’s up next A sneak peek at upcoming enhancements.Digital asset management Manage and distribute assets, and see how they perform.Resource management Find the best project team and forecast resourcing needs.Intelligent workflows Automate business processes across systems.Governance & administration Configure and manage global controls and settings.Streamlined business apps Build easy-to-navigate business apps in minutes.Integrations Work smarter and more efficiently by sharing information across platforms.Secure request management Streamline requests, process ticketing, and more.Portfolio management at scale Deliver project consistency and visibility at scale.Content management Organize, manage, and review content production.Workflow automation Quickly automate repetitive tasks and processes.Team collaboration Connect everyone on one collaborative platform.Smartsheet platform Learn how the Smartsheet platform for dynamic work offers a robust set of capabilities to empower everyone to manage projects, automate workflows, and rapidly build solutions at scale.
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