How to Prepare an Audit Report Using Excel

by Edward Mercer

With analysis tools, calculation functions and network security options, Microsoft Excel is a powerful accounting solution for small business books. Microsoft also provides a number of audit report templates that can be adjusted to fit your business needs and give you a head start on formatting and organization. Whether you're conducting an audit for internal reasons or by request from a third party such as the IRS or a shareholder, Microsoft Excel offers appropriate templates compatible with both 2010 and 2013 versions. You'll still have to compile all of your financial records, receipts and invoices, but Excel can at least point you in the right direction and streamline data entry and calculations.

1

Locate an audit report template that suits your needs from Microsoft's template site (see Resources).

2

Open the template in Microsoft Excel by clicking on the "Download" (Excel 2010) or "Create" (Excel 2013) button.

3

Edit the directory information to customize the template to your business. Fill in all the relevant cells, such as the business name, address or contact information.

4

Obtain the standards compliance documentation from your auditing service or from an accounting professional. Depending on the reason or the audience for the audit report, you may be required to include certain items in a specific order.

5

Edit any column or row headings to comply with the required documentation and format. If you have to insert new rows or columns, right click on a row or column where you want to add a new line and select "Insert" from the menu. You can also click and drag a column or row to move it.

6

Compile all of your relevant financial records, including receipts, invoices, bank records and information on any financial holdings. The reason for the audit will also determine its scope and the amount and nature of the information you need.

7

Fill in all of the cells in the audit template with the relevant information from the financial documentation. Check your entries for typos and pay close attention to the lines that calculate totals to make sure the information makes sense.

8

Proofread the document and save it in a safe place.

Tips

  • Audit reports typically also include an introductory letter explaining the scope and aim of the audit and a concluding letter identifying any important findings or irregularities.
  • Excel includes features to lock cell values and to keep certain users over a network from making changes. Review network privileges with an IT professional if you plan on sharing the report on an internal or external network.

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About the Author

Edward Mercer began writing professionally in 2009, contributing to several online publications on topics including travel, technology, finance and food. He received his Bachelor of Arts in literature from Yale University in 2006.

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