Top 10 Financial Audit Templates For Fraud Prevention
Finance is one of the most crucial pillars of a corporate empire and involves massive documentation. And when we talk about financial statements, we cannot give a miss to financial audits. A financial audit is usually considered a challenging experience, but there is no reason to be afraid of the big bad audit wolf.
In fact, financial audits help in fraud prevention and are an overall good practice for companies to avoid any financial and legal complexities. Depending upon the finances and growth trajectories, a financial audit is a crucial procedure for all companies.
Read on to understand more about financial audits.
A primer on financial audit
A financial audit is an objective process of official inspection and evaluation of various business records followed by physical checking of inventories by auditors to ensure that fair and accurate transactional representation is practiced in the organization.
Businesses have to provide data about their financial performance to stakeholders and regulatory bodies. A financial audit ensures the critical financial statements are error-free and there is no room for discrepancies. It also makes sure that all the departments are recording the transactions. The audit is performed by someone outside the organization who is qualified and identifies the improvement areas. The audited financial documents bolster the organization’s financial position and provide credible information to the regulators and stakeholders to make informed decisions about the company.
A financial audit is carried out in four stages namely planning, setting internal controls, testing, and reporting. This process helps in having an unbiased report of the organization’s financial statements, have an insight into the future, and make sure that all regulatory standards are met with precision.
Financial audits not only offer credibility but also provides comfort and confidence to a company.
Objectives of a financial audit
There are four main objectives of a financial audit.
- The financial statements of products and services are properly documented, recorded, presented, and communicated in accordance with the generally accepted accounting principles.
- Assess the potential fraud and suggest measures to avoid it.
- Identify ways in which the company’s financial position and operational efficiency can improve.
- Assess the viability of the company in the market.
PS: An audit is an investment to streamline the financial reporting process and safeguard assets.
There are three types of financial audits.
Qualified in-house employees conduct internal audits with the focus on meeting the company’s standards of excellence. The report is handed to the management or the board of directors so that appropriate action is taken. This type of audit helps in identifying bottlenecks in the company’s systems and administration. It helps in identifying and rectifying the possible financial flaws before the external audit finds them.
Auditors from outside parties conduct this type of audit. They follow a standard process of investigating company papers and seek to identify any misstatement or fraudulent activity. External auditors conduct an unbiased evaluation of a company’s financials, help the stakeholders make informed decisions, and instill confidence in establishing work relationships with the company. This type of financial audit is advantageous to provide candid opinions without the fear of its effect on everyday work relationships with colleagues.
Audits by Government Agency
This type of audit is performed by a federal regulatory body, which focuses on the taxpayer’s return based on the statistical data. If the tax laws and regulations are not followed appropriately, the federal agency takes charge to assess the situation and rectify the issue.
Top 10 Financial Audit Templates to Download
Financial auditing seems to be cumbersome, but if the reporting is aligned with documenting and financial statements are regularly organized and monitored, the whole auditing process can be beneficial in the long run. To help you in this journey, SlideTeam has designed these top 10 financial audit templates. These are customizable templates that can quickly help you with effectively addressing the financial data and improvise the strategies accordingly.
Download Investment Audit Template
Give an overview of the company’s taxation and litigation process by incorporating this financial audit template. Comprising 76 pre-designed slides, this complete deck also covers crucial topics such as competitive analysis and employee management issues, making it a must for finance professionals to address the organization’s activities.
Download Financial Audit Template
Present your company’s balance sheet and various details comprehensively by introducing this complete deck. You can also showcase the financial projections by employing our content-ready finance template.
Download Checklists For Audits Quality And Safety Template
Discuss the purpose of financial audit, its types, and development process with your colleagues by downloading our comprehensively-researched complete deck. Using these 46 professionally-designed templates, the finance experts can effectively present the nitty-gritty of the entire financial audit process.
Download Internal Audit Quality Report For Financial Year Template
Utilize our editable finance template to present the audit report of the financial year. As this template is content-ready, you can show the data to the concerned authority with just a few tweaks.
Download Audit KPI Dashboard Showing Audit Status Template
Dashboards are helpful in the audit process to illustrate the results effectively. Download this audit KPI dashboard template and demonstrate the status and the potential entry risk rating.
Download Fixed Asset Audit Checklist Template
Elucidate the fixed asset checklist and keep track of it by downloading this template. Finance analysts can employ this template to figure out anomalies, if any, and suggest improvements. The tabular form in the template is handy to comprehend the information quickly.
Download Important Steps To Plan Financial Audit System Template
Discuss the step-wise process of a financial audit by downloading this editable template. Students can use this template to present their projects on audit processing. The flow-chart format helps in understanding the topic effectively.
Download Audit Dashboard Template
Present the audit stats for gaining insight into each area by downloading this finance audit dashboard template. The color coding used in this pre-designed template helps you focus on the areas that must be addressed based on the priority.
Download Financial Audit Type Template
Illustrate the types of audits and their key features by introducing this template. Finance students can take advantage of this template to showcase the importance of regular audits for the smooth functioning of business operations.
Download Essential Phases Of Audit Process Template
The audit is carried out in phases, and it can be well explained with the assistance of this handy template. Discuss each stage and the critical points to be considered in each of them by downloading this customizable finance audit template.
Financial audits are a must to comply with the standard practices of business. Regular audits ensure that the company records are ‘clean’ and the possibility of falling prey to malicious activities is mitigated. Download our top 10 financial audit templates to maintain the financial statements and keep your business afloat!
For more on how financial management templates can make a money master out of you, check out our blog here.