Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 240 views

    Audit Program Cash and Bank Balances

    Uploaded by

    Grace Unay
    This document provides an audit program for cash and bank balances. It outlines 10 audit objectives and the related audit procedures and assertions. The objectives are to ensure cash and bank balances are completely recorded, exist, recorded at the proper value, owned by the client, and properly presented and disclosed in the financial statements. Audit procedures include testing controls, analytical procedures, and tests of details such as attending the year-end cash count, examining bank reconciliations, and ensuring disclosures meet regulatory requirements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Audit Program Cash and Bank Balances

    Uploaded by

    Grace Unay
    240 views4 pages
    This document provides an audit program for cash and bank balances. It outlines 10 audit objectives and the related audit procedures and assertions. The objectives are to ensure cash and bank balances are completely recorded, exist, recorded at the proper value, owned by the client, and properly presented and disclosed in the financial statements. Audit procedures include testing controls, analytical procedures, and tests of details such as attending the year-end cash count, examining bank reconciliations, and ensuring disclosures meet regulatory requirements.

    Original Description:

    PROGRAM GUIDE AND QUESTIONNAIRE

    Original Title

    CASH AUDIT

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document provides an audit program for cash and bank balances. It outlines 10 audit objectives and the related audit procedures and assertions. The objectives are to ensure cash and bank balances are completely recorded, exist, recorded at the proper value, owned by the client, and properly presented and disclosed in the financial statements. Audit procedures include testing controls, analytical procedures, and tests of details such as attending the year-end cash count, examining bank reconciliations, and ensuring disclosures meet regulatory requirements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    240 views4 pages

    Audit Program Cash and Bank Balances

    Uploaded by

    Grace Unay
    This document provides an audit program for cash and bank balances. It outlines 10 audit objectives and the related audit procedures and assertions. The objectives are to ensure cash and bank balances are completely recorded, exist, recorded at the proper value, owned by the client, and properly presented and disclosed in the financial statements. Audit procedures include testing controls, analytical procedures, and tests of details such as attending the year-end cash count, examining bank reconciliations, and ensuring disclosures meet regulatory requirements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    Audit Program Cash and bank balances

    Audit Program WP Ref.:


    Prepared
    (i) Cash and bank balances by:
    Date:
    Reviewed
    by
    Date
    Client:
    Period:
    Subject: Cash and bank balances

    Account balances: Amount in Rs.


    Cash in hand
    Cash at bank- Current
    - PLS

    Classes of transactions:

    S. Audit Objectives Assertions Risk Assessment


    No.

    IR CR ROSM

    1. All cash and bank balances are


    completely and accurately recorded CA

    2. All recorded cash and bank balances


    actually exist. E

    3. All cash and bank balances are


    recorded at appropriate values. V

    4. All cash and bank balances recorded


    are owned by the client and title is
    also in the name of client. R

    5. All cash and bank balances are OCAL


    presented and all disclosures have
    been given in accordance with the
    Fourth Schedule of the Companies
    Ordinance, 1984 and relevant IASs. RVU

    S. Audit Procedures Objective Done by W. P. Ref.


    No.

    Test of Controls

    1. Assess the reasonableness of design of ALL


    system of internal control by enquiring
    relevant client personnel and documenting
    the same (if not a documented system
    manual has been developed by the client).
    A walk through test would be necessary to
    confirm the understanding as documented.
    Identify the preventive (exercised before
    incurrence of transactions and event) and
    detective (exercised after incurrence of
    transactions and event) controls
    established by management to support its
    assertions.

    2. Check on sample of selected transactions ALL


    covering the whole period that all
    preventive controls are exercised on all
    transactions.

    3. Check on a sample of transactions that ALL


    detective controls are appropriately been
    exercised and in case of any detection of
    error/ fraud, proper steps have been taken
    to avoid recurrence of the same.

    4. Check that proper bank reconciliations are ALL


    prepared, checked and approved. Long
    outstanding items are followed up and
    proper disposition of such items is made.

    5. Proper segregation of duties between CE


    custodian and accounting and approving
    personnel exist.

    6. Payments vouchers are appropriately ECA


    prepared and properly approved by
    designated authority.
    S. Audit Procedures Objective Done by W. P. Ref.
    No.

    7. Ensure that management does not override


    the designed controls by

     Enquiring from the designated staff


    person

     Remain skeptical during performing


    test of design and test of effective operation

    8. Document the conclusion after performing N/A


    test of controls and required level of
    assurance from substantive procedures.

    Analytical Procedures

    1. Document logical commercial reasons for AU


    new bank accounts opened and closed
    during the year.

    2. Compare current year balances with last CEA


    year balances and ensure that any
    significant variation should be properly
    and logically reasoned.

    Test of Details

    1. Attend year-end cash count and deposit E


    verification.

    2. Circularize direct confirmations to all ER


    banks.

    3. Trace opening balance in general ledger CE


    from last year working papers.

    4. Obtain and examine bank reconciliations CEA


    ensure the following: -

     No long outstanding item should


    remain unfollowed,

     No revenue nature item should be


    appearing

     All deposit made should be


    S. Audit Procedures Objective Done by W. P. Ref.
    No.

    cleared within two days

     No long outstanding cheques of


    significant amount are unpresented; if so
    then check their payment voucher and
    ensure that no discrepancy is involved.

    5. Ensure that all balances etc. reported by CA


    bank in replies to bank confirmation
    request are included in records of the
    client.

    6. Ensure that no balances are subject any U


    encumbrance, if so then disclosure is
    made.

    7. Convert FCY accounts into PKR at year- V


    end rate.

    8. Ensure that all bank accounts are in R


    company's name.

    9. Ensure that closing balances as per our N/A


    working paper file are in match with
    general ledger.

    10. Determine that disclosures have been OCAL


    made in accordance with the RVU
    requirements of Fourth Schedule to the
    Companies Ordinance, 1984 and the
    applicable IASs.

    You might also like