This sample audit program ensures that each account on the balance sheet is assigned to someone for reconciliation during the close-the-books (CTB) process. This tool provides a detailed plan to assess the accuracy and completeness of financial records, focusing on key components such as cash balances, receivables, payables and fixed assets. Explore structured guidelines that facilitate the evaluation of whether close the books controls are effectively in place, if cash balances are accurately recorded and properly classified, and if receivables and payables are correctly described and disclosed according to accounting standards.

Furthermore, the program includes procedures for testing the adequacy of allowances for doubtful accounts and the proper recording of accrued liabilities. The tool also emphasizes the importance of monitoring suspense accounts and ensuring timely clearance. By following the prescribed steps, organizations can systematically verify each aspect of the balance sheet, leading to reliable and transparent financial reporting which is crucial for maintaining stakeholder trust and compliance with regulatory requirements.

Audit objectives include determining if:

• Close the books (CTB) controls are in place and effective.
• Cash balances represent all cash and cash items on hand, in transit to or in financial institutions, and are properly recorded.
• Cash balances are properly described and classified, and adequate disclosures are made of restricted or committed funds and cash not subject to immediate withdrawal.
• Receivables represent all amounts owed to the entity at the balance sheet date and have been properly recorded.