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Guide external Audit Procedures in Grant Assistance for Japanese NGO Projects April 2010 Ministry of Foreign Affairs International Cooperation Bureau Nongovernmental Organizations Cooperation DivisionGuide

How to fill out external audit procedures

How to fill out external audit procedures?

1. Familiarize yourself with the objectives and scope of the external audit. Understand why the audit is being conducted and what specific areas will be assessed.
2. Gather all relevant documentation and records that will be necessary for the audit. This may include financial statements, invoices, contracts, and other supporting documents.
3. Review the external audit procedures provided by the auditing firm or regulatory body. These procedures will outline the specific steps and requirements for completing the audit.
4. Follow the prescribed procedures meticulously, ensuring that all necessary information is accurately documented and any required calculations are performed correctly.
5. Communicate with the auditing firm or regulatory body throughout the audit process. Seek clarification for any uncertainties or questions that arise.
6. Conduct any necessary interviews or meetings to gather additional information or clarify any discrepancies discovered during the audit.
7. Document any findings or observations made during the audit. This includes noting any areas of non-compliance or potential risks.
8. Prepare a comprehensive audit report that summarizes the findings, observations, and recommendations for improvement, if applicable. Present the report to the appropriate stakeholders or authorities.

Who needs external audit procedures?

1. Companies or organizations that are legally required to undergo external audits by regulatory bodies, such as public companies listed on stock exchanges or entities receiving government funding.
2. Businesses seeking external validation of their financial statements and internal controls to enhance their credibility and reassure stakeholders, such as investors, lenders, or customers.
3. Non-profit organizations that receive grants or donations and are required to demonstrate accountability and proper use of funds to donors or the public.
4. Government agencies or departments that need independent assessments of their operations, financial management, or compliance with regulations.
5. Any entity that wants to identify weaknesses in their internal controls or operational processes and improve their overall efficiency and effectiveness.
6. Organizations that want to ensure compliance with industry-specific regulations or standards.

Note: The specific need for external audit procedures may vary depending on the jurisdiction, industry, or specific requirements imposed by regulatory bodies or stakeholders.

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