Audit library / 09 Journal entries and month-end close
Journal Entries and Month-end Close Audit Kit
A complete, ready-to-use audit plan for journal entry testing, management override, reconciliations and period-end close. 13 procedures in 6 phases, each showing what to do, the assertion, the risk and the evidence to obtain.
- Step-by-step guide on how to use the plan
- 13 audit procedures, from planning to sign-off
- Covers journal entry testing, month-end close and reconciliations, estimates and adjustments and cut-off and completion of the books
- Status and result dropdowns with an automatic progress tracker
- Fillable PDF version you can complete on screen
- Full English and Arabic versions (4 files)
Preview the checklist
Here are the first procedures from the kit. Buy the kit to unlock everything.
| Ref | Procedure | Assertion | Status | Result |
|---|---|---|---|---|
| A. Data and understanding | ||||
| A1 | Obtain the full journal entry listing for the period and reconcile it to the trial balance movements to confirm completeness.Risk: Testing performed on incomplete data. | Completeness | Not started ▾ | |
| A2 | Understand who can post, approve and reverse journals, and whether manual journals require independent review.Risk: Management override through unreviewed journals. | Controls | Not started ▾ | |
| B. Journal entry testing | ||||
| B1 | Select high-risk journals: manual entries, posted at or after period end, weekends or holidays, round amounts, unusual account combinations and entries by senior management or rare users.Risk: Management override of controls (presumed risk under ISA 240). | Fraud | Not started ▾ | |
| B2 | Vouch selected journals to supporting documents and confirm business rationale and approval.Risk: Fictitious or unsupported entries. | Existence | Not started ▾ | |
| B3 | Apply Benford's law and duplicate tests to journal amounts and investigate significant deviations.Risk: Fabricated numbers hidden in large data sets. | Fraud | Not started ▾ | |
| C. Month-end close and reconciliations | ||||
| C1 | Review the month-end close checklist and timetable; check key reconciliations were prepared and reviewed on time.Risk: Errors accumulate without timely reconciliation. | Controls | Not started ▾ | |
| C2 | Review balance sheet account reconciliations (bank, receivables, payables, intercompany, suspense, accruals) for unexplained or old reconciling items.Risk: Unreconciled balances hide misstatements. | Accuracy & valuation | Not started ▾ | |
| C3 | Investigate balances in suspense and clearing accounts at period end and confirm they are cleared to the correct accounts.Risk: Misclassified or unexplained balances. | Presentation | Not started ▾ | |
5 more procedures are inside the full kit
Plus the step-by-step guide, dropdowns, progress tracker and the fillable PDF.
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