This sample audit report outlines findings from corporate treasury review at a company.
The objective of review was to perform an operational assessment of the key business processes for the corporate finance group. This included obtaining an understanding of the relevant processes, evaluating processes’ effectiveness and efficiency, evaluating the internal control environment by testing selected control objectives, assessing compliance to corporate policies and procedures, identifying opportunities for process and internal control improvements, providing “best practices” where opportunities for improvement exist. The scope of this review included the corporate finance functions, such as: cash management and forecasting, short-term debt funding, trust and fund management. Internal control evaluations were based on interviews with management and personnel, observation of key processes, and transactional testing. The auditor reviewed related corporate policies and procedures, interviewed key treasury and information systems management and personnel, performed detailed transaction testing of commercial paper, letters of credit, wire transfers and trust fee calculations, performed a high-level review of the information systems environment as related to the corporate finance group.