Mastering your audit game: Inflo’s essential cheat sheets

May 13, 2024

Inflo’s CEO, Mark Edmondson, brings a wealth of experience in audit best practices, digital transformation, change management, and leadership. His innovative strategies, grounded in deep industry knowledge, have transformed the audit process for many firms, enhancing efficiency, insight, and value for both clients and auditors alike.

Committed to advancing the field, Mark regularly shares a wide variety of industry cheat sheets, tips and guides. We’ve created a dedicated location for quick and easy access to these resources to ensure firms have the tools they need to excel in the audit landscape.

Follow Mark on LinkedIn to keep updated with his latest content and guides.  

Auditing Receivables

Though it may seem straightforward, auditing receivables is essential, particularly for small and medium-sized firms. This cheat sheet showcases how to enhance the accuracy and efficiency of auditing receivables with strategic insights using ratio analysis and Inflo’s Audit Data Analytics, ensuring you deliver not just compliance, but truly impactful financial insights.

[Link to the cheat sheet]

Auditing Revenue

Unpack the complexities of revenue auditing with insights that challenge conventional approaches and promote a more analytical and data-driven methodology. This cheat sheet guides you through a holistic approach which optimizes your audit process to better identify risks and opportunities within revenue cycles.

[Link to the cheat sheet]

Auditing Intangible Assets

Auditing intangible assets may appear straightforward, yet it holds a critical place in the audit process, particularly for small and medium-sized organizations. This area of auditing focuses on the precision needed to manage additions, disposals, and amortization effectively. This cheat sheet emphasizes the importance of planning ahead, especially for the judgmental consideration of impairment to avoid potential complications.

[Link to the cheat sheet]

Auditing Cash and Cash equivalents

Rigorous scrutiny of cash and cash equivalents is crucial to prevent significant frauds and audit failures. This cheat sheet provides in-depth strategies for effectively auditing cash balances, emphasizing the importance of verifying their existence and ensuring accurate reconciliation with bank transactions throughout the year. With detailed guidelines on using Audit Data Analytics (ADAs) to link general ledger transactions with third-party evidence, auditors are equipped to conduct robust, data-driven audits.  

[Link to the cheat sheet]

Auditing Property, Plant and Equipment

For many auditors, particularly those new to the field, auditing Property, Plant, and Equipment (PP&E) serves as a fundamental step in their professional development. This cheat sheet offers crucial insights into effectively auditing PP&E within small to medium-sized enterprises, focusing on common challenges such as asset additions, disposals, and the judgment involved in impairment assessments.

[Link to the cheat sheet]

Revenue & Receivables Controls Cycle

By closely understanding the finance team’s risk management strategies, auditors can design smarter audit approaches and offer actionable recommendations to enhance or implement controls. This cheat sheet dives deep into the controls over revenue and receivables, marking a crucial tool for auditors aiming to enhance their strategic approach. It outlines how understanding and evaluating these controls can significantly improve audit efficiency and add tangible value to clients.

[Link to the cheat sheet]

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