I fully agree. Note, I said using checksheets alone, is passe. In fact, I encourage clients to make an official "cheatsheet" for each process to facilitate auditors doing a better job.
However, it has to be used as an add on to auditing the process flow, the procedures and the linkages.
Interestingly, I made an internal audit system that leads a newbie auditor through a process audit, using all the required steps, in a checksheet format. I use it in my internal auditor training sessions to help facilitate new auditors learning how to do this. It works very well.