Complete Financial Audit Checklist

Help me conduct a thorough financial audit of my Shopify store:

Audit Scope:

  Audit period: [LAST MONTH / LAST QUARTER / LAST YEAR]
  Last audit performed: [DATE OR NEVER]
  Primary concern areas: [REVENUE ACCURACY / EXPENSE CONTROL / TAX COMPLIANCE / ALL]


Revenue Verification:

  Compare Shopify reported revenue with payment processor reports
  Compare payment processor reports with bank deposits
  Verify all sales channels are reporting correctly: [LIST YOUR CHANNELS]
  Check for missing orders or duplicate transactions
  Reconcile refunds and returns between Shopify and bank
  Verify gift card liability is properly tracked
  Confirm discount and promotion impact matches expectations


Expense Audit:

  Review all recurring subscriptions – are any unused or redundant?
  List all Shopify apps and their monthly costs: verify each is still needed
  Compare shipping costs charged to customers vs actual shipping expenses
  Verify payment processing fees match expected rates for your plan
  Check for unauthorized or unexpected charges
  Compare actual ad spend vs budgeted ad spend by channel
  Verify contractor and freelancer payments are properly documented


Tax Compliance Check:

  Verify tax is being collected in all required jurisdictions
  Confirm tax rates are current and accurate for each jurisdiction
  Reconcile tax collected with tax remitted
  Check for any missed filing deadlines
  Verify tax exemption certificates are on file for exempt customers
  Confirm international VAT/GST compliance: [LIST INTERNATIONAL MARKETS]


Inventory and COGS Audit:

  Physical inventory count vs Shopify reported quantities
  Verify cost per item is recorded for all products
  Check for inventory shrinkage (missing or damaged goods)
  Validate COGS calculations in financial reports
  Review aged inventory and identify write-down candidates


Financial Controls:

  Who has access to financial data and payment settings?
  Are there proper approval workflows for refunds above [THRESHOLD]?
  Is two-factor authentication enabled on all financial accounts?
  Are financial records backed up regularly?
  Is there separation of duties (different people handling money vs records)?


Accounts Receivable / Payable:

  Outstanding invoices review – any uncollectable amounts?
  Outstanding supplier bills – any missed payments?
  Verify all payment terms are being met


Audit Report Output:

  Summary of findings with severity ratings (critical, important, minor)
  Specific discrepancies found with dollar amounts
  Recommended corrective actions with priority ranking
  Timeline for resolving each issue
  Preventive measures to avoid future discrepancies


Format as a professional audit report with an executive summary and detailed findings.