Audit/Control Audit Procedures Docu Audit W/P

Objectives men Issues Ref

tatio Noted
n
1. All cash and bank balances are completely and accurately
recorded.
1.1 Mechanisms 1. Inquire if there is
exist to make already an existing
sure that all process that checks
cash and whether cash and
bank bank balances are
balances are correct.
completely 2. Verify whether such
and process is effective in
accurately checking the
recorded. accuracy of the
balances through
sampling.
3. Determine what
controls exists to
correct errors if they
are found.
1.2 Controls are 1. Ensure that the
in place to controls in place to
double check detect and correct
whether all the errors are
cash and properly working.
bank 2. In case of
balances are altercations, ensure
accurately that the erroneous
and balance is properly
completely corrected through
recorded. checking.
3. Upon altercation,
ensure that all
affected
departments/parties
are properly notified
of the changes to
avoid discrepancies.
1.3 Management 1. Inquire if there is
 reviews the already an existing
cash and management control
bank that checks whether
balances to cash and bank
ensure that balances are correct.
all balances 2. Verify whether such
are management control
completely is effective in
and checking the
accurately accuracy of the
recorded. balances through
sampling.
3. Obtain evidences
that support the
process was
reviewed by the
management.
1.4 Cash and 1. Select a sample of
bank transactions and
balances are review whether it
properly went through the
approved and right process,
authorized by reviewed by the
a controller authorized person
after data and is free from
entry. errors.
1.5 Appropriate 1. Cross-check the
documents source documents to
relevant to ensure that the
the cash and transactions were
bank accurately recorded.
balances are 2. Cross-check the
available to source documents to
verify and ensure that
double-check transactions were
the accuracy corrected properly in
of the entries. case of altercations.
2. All recorded cash and bank balances actually exist.
2.1 All balances 1. Source documents
must be must be traced to
 properly determine the
supported by validity of the said
documents transaction.
and are easily 2. Verify that source
traceable. document is what it
purports to be and is
not fictitious.
2.2 Working files 1. Check the general
must be in ledger and book of
line with the accounts to ensure
general that all transactions
ledger. are accounted for.
2.3 All 1. Check for previous or
transactions existing documents
must be that can support the
present in a validity of each
list/records of transaction.
the company 2. For new transactions,
and/or bank. it must be properly
documented and
filed.
2.4 All 1. Cross-check the
transactions counterpart
are properly transaction to make
accounted for sure that the account
and recorded is not fictitious.
in relation
with its
counterpart
transaction.
3. All cash and bank balances recorded are owned by the client
and title is also in the name of client.
3.1 Ensure that 1. Check the name of
all cash and the payor and payee
bank checks to ensure the
are properly validity of the
addressed to transaction.
the 2. Check if the
corresponding transaction matches
transacting an existing asset,
party. liability or expense.
4. All cash and bank balances are presented and all disclosures have
been given
4.1 Ensure that 1. Check for references
all for each transactions
transactions and if all altercations
present in the or encumbrances are
list of properly counter-
transactions signed and disclosed.
are present
and properly
disclosed.