An audit checklist is a vital tool for ensuring a systematic and comprehensive approach to the audit process. It typically involves reviewing financial statements, verifying the accuracy of financial records, assessing compliance with accounting principles and regulations, evaluating internal controls, analyzing supporting documentation, conducting tests and sampling, and documenting audit findings. The checklist may also encompass organizational charts, personnel manuals, major contracts, and investment summaries. Specific items may vary based on the audit type, industry-specific requirements, and the organization's unique circumstances.