Accounting Policies Review Template for IFRS Compliance

Key benefits & value for audit teams

This accounting policies review template is built for the planning stage of audits and for file completion. It converts technical IFRS requirements into practical audit steps so your team can:

• Reduce planning time: Pre-mapped checklist items for major accounting areas (revenue, leases, financial instruments, impairment, consolidation).
• Produce defensible workpapers: Document conclusions, evidence, and cross-references in a format that aligns with ISA documentation standards.
• Improve consistency across engagements: Standardized language and risk ratings make review and supervision faster.
• Accommodate local GAAP differences: Sections to note deviations from IFRS and to capture jurisdictional references for SOCPA or other local frameworks.

Use cases & real-life scenarios

During planning and risk assessment

Use the template to identify accounting areas likely to contain material misstatements. For example, when a client adopts a new revenue model, the template lists key IFRS revenue paragraphs, common evidence (contracts, system reports), and a suggested testing approach.

As an audit workpaper in the permanent file

Attach the completed template to the audit file as the “Accounting Policies” workpaper. The file includes sign-off fields for the preparer, reviewer, and engagement partner — helping satisfy ISA documentation and firm quality control requirements.

During peer or regulatory reviews

Produce a concise, evidence-linked summary of policy adoption and management judgments. The template’s cross-reference table makes it straightforward to respond to regulator queries or internal quality reviews.

Who is this product for?

• External audit firms preparing statutory audit files under ISA & SOCPA.
• Internal audit departments conducting compliance and policy reviews.
• Accounting teams preparing or updating adopted accounting policies for IFRS transition or annual financial statements.
• Quality assurance teams performing engagement file reviews or post-issuance checks.

How to choose the right version

The template is available in multiple variants — pick based on your workflow:

• Excel Workbook: Best when you need structured checklists, embedded formulas for risk scoring, and easy linking to working papers.
• Word Report: Use when you prepare a narrative accounting policies report for management or the audit committee.
• Combined Pack: Both Excel + Word for full flexibility — recommended for firms with formal documentation and reporting needs.

Choose the variant that matches your engagement software and document management system. All versions are editable and brand-neutral for quick firm customization.

Quick comparison with typical alternatives

Compared with starting from scratch or generic checklists, this template saves time and increases defensibility:

• Build from scratch: More time-consuming; higher risk of missing IFRS linkages or reviewer traceability.
• Generic checklists: May lack audit-file structure, evidence fields, or local GAAP considerations.
• This template: Audit-oriented, ISA-aligned, includes documentation fields and reviewer controls tailored to adopted accounting policies.

Best practices & tips to get maximum value

• Customize the template header with your firm and engagement details to ensure quick indexing in the audit file.
• Map completed checklist items to supporting documents (board minutes, contracts, accounting memos) using the cross-reference column.
• Use the risk rating and reviewer comments fields to prioritise substantive testing.
• Retain versions: keep a pre- and post-adjustment copy to document changes to accounting policies during the year.
• Train junior staff on the template structure to standardize outputs across engagements.

Common mistakes when using similar products and how to avoid them

• Using the checklist as a substitute for judgement: The template guides but does not replace professional skepticism — ensure engagement-level judgement is recorded.
• Failing to update for local GAAP: Use the local variance section to record departures or additional disclosures required by SOCPA.
• Poor cross-referencing: Always link checklist items to specific evidence to avoid gaps during reviews.
• Not versioning the file: Keep dated versions to show the progression of the review and final conclusions.

Product specifications

• Product type: Accounting policies review template (editable workbook and report formats)
• Formats included: Microsoft Excel (.xlsx), Microsoft Word (.docx), PDF sample
• Pages / sheets: Multi-sheet workbook with main checklist, evidence log, conclusion sheet, reviewer sign-off
• Coverage: Revenue, leases (IFRS 16), financial instruments (IFRS 9), impairment (IAS 36), consolidation (IFRS 10), presentation & disclosures
• Standards referenced: IFRS paragraphs mapped; local GAAP note sections for SOCPA and jurisdictional comments
• Language: English (editable for translation)
• Support: Download includes user notes and example completed workpaper; optional paid customization and firm-branding available
• Delivery: Instant download after purchase; local file storage on your systems — no cloud hosting required

Frequently asked questions