Limited Review Audit Checklist Software Intro
An Limited Review audit checklist is an invaluable tool for comparing a business’s practices and processes to the requirements set out by ISO standards.Limited Review audit is an independent assessment of how effective an organization’s risk management, processes, and general governance is. The Limited Review audit checklist contains everything needed to complete an Limited Review audit accurately and efficiently.
Limited Review audits can be scheduled as frequently as your organization determines is needed in order to improve processes. Some businesses schedule audits once a year, every quarter, or even once a month, at most.
Steps & Sub-Steps to be Checked Under a Limited Review Audit Checklist
| Audit Planning |
Control Testing |
Financials |
| Task_Assignment |
Internal Audit |
Financial Statements |
|
RCM & Process Documents |
|
| Inquiry & Analytical Procedure |
Ledger Scrutiny |
Ledger Scrutiny |
| Analytical Procedure |
Balances with banks |
Cash at Bank |
| Inquiry |
Cash on Hands |
Current Borrowings |
|
Current Loans (Assets) |
Depreciation / Amortization |
|
Employee Benefits |
Employees Benefits |
|
FD with more than 12 months matur |
Finance Cost |
|
Fixed Assets |
Fixed Deposits with Less than 3 months Maturity |
|
Inventories |
Investments |
|
Loans & Advances (Assets) |
Long Term Borrowings |
| Ledger Scrutiny |
Ledger Scrutiny |
Limited Review Closure |
| Non Current Borrowings |
Non Current Loans (Assets) |
Briefing for Next Team |
| Other bank balances |
Other Current Liabilities |
Closing |
| Other Expenses |
Other Income |
|
| Other Long Term Liabilities |
Other Non Current Liabilities |
|
| Other Operating Revenue |
Others |
|
| Purchase |
Rent |
|
| Revenue From Operation - Manufacturing |
Revenue From Operation - Service |
|
| Revenue From Operation - Trading |
Share Application Money Pending allotment |
|
| Share Capital |
Short Term Borrowings |
|
| Trade Payables |
Trade receivables |
|
| Planning |
|
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| Additional Audit Programme |
|
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| Business Briefing |
|
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| Materiality |
|
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| Ratio Analysis |
|
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| Variance Analysis |
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