Financial Audit Questionnaire

Financial audits can take anywhere between a couple of weeks and a few months, but this timeline can stretch out big time without effective data collection. On the other hand, many firms shorten the cycle using a well-designed financial audit questionnaire.

A ready-made list of questions can help you get accurate information from clients on time, so you can get the job done more efficiently. In this blog post, we’ll show you some of the most important questions that should be in your questionnaire template. 

Alternatively, you can sign up for Content Snare to immediately access our built-in financial audit questionnaire.

40 questions to include in your financial audit questionnaire

We designed a template with questions that suit most audit firms. However, we strongly encourage you to customize the form based on your style of work and typical clients. With that said, let’s focus on financial audit questions.

Basic client information

The purpose of these questions is to collect essential information about the client and their organizational structure for tailored audit planning.

1. Company name

2. Industry/business sector

3. Number of employees

4. Years in operation

5. Address

6. Ownership structure

7. Primary contact person

Financial statements

8. Kindly upload the trial balance, balance sheet, income statement, and cash flow statement for the audited period.

9. Did you follow the relevant accounting standards when preparing these financial statements?

10. Are there any significant fluctuations in revenue, expenses, or net income compared to prior periods?

If yes, please clarify these fluctuations. 

Revenue and receivables

11. Kindly upload a detailed aging report of accounts receivable as of the audit date.

12. Are there any significant write-offs or bad debt provisions made during the period? 

If yes, please provide details regarding these write-offs or provisions.

13. Kindly upload documentation supporting major sales transactions or contracts over the audit period.

Expenditures and payables

14. Kindly upload a detailed aging report of accounts payable as of the audit date.

15. Are there any significant vendor disputes or unpaid liabilities that need to be disclosed?

If yes, please clarify these disputes or liabilities.

16. Kindly upload the report on major purchases or expenses during the audit period.

17. Were there any significant changes in the company’s procurement policies or payment terms in the last year?

If yes, please explain these changes.

Cash and cash equivalents

18. Kindly upload bank reconciliations for all accounts, along with copies of the latest bank statements.

19. Were there any unusual or significant cash transactions during the period? 

If yes, please provide details about these transactions.

20. Do you have any restricted cash balances?

If yes, please upload supporting documentation for these balances.

21. Are all petty cash and cash equivalents properly accounted for?

Fixed assets

22. Kindly upload your fixed asset register.

This should include details of any acquisitions, disposals, or impairments during the audit period.

23. Have there been any revaluations or impairments of assets?

If yes, please clarify these changes.

24. Kindly upload supporting documentation for major capital expenditures.

Inventory management

25. Kindly upload the latest physical inventory count records that tie to the general ledger.

26. Are there any inventory obsolescence or slow-moving stock provisions? 

If yes, please provide details regarding these provisions.

27. Are there any consignment or third-party held inventories? 

If yes, please upload relevant agreements or documentation regarding these inventories.

Liabilities

28. Kindly upload a breakdown of all current and long-term liabilities.

29. Kindly upload copies of statements for all loans, notes payable, and credit cards.

30. Are there any contingent liabilities or off-balance sheet obligations? 

If yes, kindly upload a report on these liabilities or obligations.

Taxes payable

31. Kindly upload copies of prior year and current year tax returns.

32. Are there any ongoing tax audits or disputes with tax authorities? 

If yes, please provide details and supporting correspondence.

33. Were there any significant changes to tax positions, credits, or deductions during the audit period? 

If yes, please upload relevant documentation regarding these changes.

Equity 

34. Kindly provide details of changes in equity during the period.

This includes new share issuances, redemptions, and dividends.

35. Kindly provide documentation for any equity-based compensation plans or stock options.

36. Are there any shareholder agreements or capital commitments that should be disclosed?

If yes, please clarify these agreements or commitments. 

Investments

37. Kindly upload a detailed list of all investments held.

The list should include their market value and classification.

38. Have any significant investment gains, losses, or impairments been recorded during the period? 

If yes, kindly provide the corresponding documentation for these changes.

39. Are there any investments in subsidiaries, joint ventures, or associates? 

If yes, kindly upload supporting agreements or reports.

40. Were there any new investment purchases or sales during the period? 

If yes, kindly upload relevant documentation.

Use Content Snare to customize your questionnaire

This is by no means the definitive list of questions, but it’s a great starting point for audit firms eager to optimize client communication and onboarding. Our suggestion is to tailor the template based on the complexity of your client’s financial operations, their size, and regulatory requirements. 

This is exactly why so many audit firms and accounting practices use Content Snare to break free of a never-ending loop of inefficiencies.

Our form builder helps you get the right information and files from clients using clear instructions and intuitive field types. Content Snare has an incredibly simple interface that even the most tech-challenged users can figure out in no time:

The real magic begins when you start customizing our ready-made templates (or even creating them from scratch). For instance, Content Snare enables you to:

• Add detailed instructions to each field, section, or page to clarify your requirements

• Use more than 20 field types such as a checkbox, date range, ID verification, or tables

• Approve answers or decline them and send them back to your clients for corrections

• Write comments, or reply to your client’s comments, to provide additional instructions if they get stuck

• Automate request reminders, so you can stop chasing for files or information

Content Snare features loads of other advanced functionalities, but it’s best to give them a try first-hand. All it takes is to sign up and take advantage of our 14-day free trial.