This sample audit report can be used to measure and improve the close-the-books process for the accounting/finance function. Report contents include an executive summary, financial close process checklist and analysis, output analysis (journal entries and reconciliations), procure-to-pay process improvements, POE analysis and KPI development, and project plan for future phases.
The following key observations were noted during the review:
Reduce the total number of risks by focusing on industry-specific risks and external audit guidelines.
Remove redundant controls.
Reclassify key controls to non-key controls.
Reduce testing by utilizing ERP standard controls.
Eliminate certain non-key controls to allow for ease of review and organization of documentation.