Our Accounts Receivable Collections Audit Work Program is a resource designed to help organizations strengthen their receivables management and collections processes. By providing a structured approach to evaluating compliance, efficiency and internal controls, this tool empowers finance professionals to identify improvement opportunities while ensuring adherence to corporate policies and industry best practices. With a focus on both risk mitigation and operational excellence, this audit work program offers practical guidance for enhancing cash flow, reducing errors and supporting overall financial health, making it an essential download for any organization seeking to optimize its accounts receivable function.

Within the tool, you will find two sample audit programs that guide through every phase of the audit process, from initial planning and fieldwork to final reporting and follow-up. Sample 1 provides detailed steps to assess key metrics like days sales outstanding and the allowance for doubtful accounts, ensuring a thorough review of financial practices. Sample 2 takes a broader perspective, incorporating best practices to evaluate the overall efficiency and effectiveness of the receivables process. It delves into areas such as credit management, invoicing accuracy, remittance processing and collection strategies, offering actionable insights tailored to enhance operational performance.  

Audit work steps include:

• Review memos over the process areas prepared by external audit.
• Understand how policies and procedures are enforced and how compliance is monitored.
• Obtain a copy of accounts receivable and credit and collections policies and procedures.
• Discuss findings with management before drafting the audit report.