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DEL ROSARIO | GASPAR | IGNACIO | MALUBAY | YAP | PANSACOLA

CERTIFIED PUBLIC ACCOUNTANTS

INDEPENDENT AUDITOR’S REPORT

THE MANAGEMENT
ANAK NG TOKWA (Entrep Team No.1)
Wesleyan University-Philippines
Cabanatuan City

AUDIT FINDINGS

We have audited the Report on Performance and Accountability of Anak ng Tokwa for the 12th day of
February 2019, and have issued our report thereon dated February 13, 2019. Audit procedures
performed are designed to evaluate the adequacy, efficiency and effectiveness of the business.
Discussions were held with the staff members. Audit work was conducted on the basis of asking few
questions apropos to the fieldwork, verification of source documents and observation of identified
processes.
To achieve the audit objectives, we reviewed the compilation of sales receipts , purchase receipts and
other related documents. We also reviewed and analyzed the financial statements; Income Statement
(See ATTM 1) and Owners Equity (See ATTM II) , presented.
The establishment was able to observe its proper store hours. Opening and Closing time are properly
adhered to by the store. A beginning Inventory count was conducted. The operations of the store were
observed and the disposal of the selling duties were properly performed. However, it is also noted that
duplicate copies of the Acknowledgement Receipts were not maintained by the store and that no copy of
the receipt were being issued to customers.

To evaluate the business’ control over cash receipts we interviewed the proprietor and conducted an
observation during cash count. We obtained an understanding of the procedures used for recording and
reporting gross receipts. We made a complete examination of the documentation that was available to us
for the operating day to calculate the gross receipts generated by business. To determine whether they
properly reported its gross receipts, we compared the amounts in the daily reports of gross receipts
submitted to us with the cash disbursement.
The total amount of Acknowledgement Receipts tallied the Total Cash on Hand of P 1,664. 00 during the
Cash Sales Count conducted. The entity has a beginning capital of P 1,500.00 and reported an income of
P 164.00 after the deduction of all expenses.

Overall, Anak ng Tokwa, The auditor is satisfied that a system of internal control is in place from the
purchasing to selling activities and can be supported completely by documents. Daily reconciliations
ensure that all transactions passing through the record is accurately presented.

In our opinion, the financial statements referred to previously present fairly, in all material respects, the
Income statement and Owner’s Equity of Cabsy Tasty Bites Cravings and the results of its operations
for the 12th day of February 2019 in conformity with accounting principles. Rationale for issuing an
UNQUALIFIED OPINION.
DEL ROSARIO | GASPAR | IGNACIO | MALUBAY | YAP | PANSACOLA
CERTIFIED PUBLIC ACCOUNTANTS

_____________________________________
JILMER DEL ROSARIO
Auditor – 4th Year BS Accountancy

_____________________________________
SONIEPER B. GASPAR
Auditor – 4th Year BS Accountancy

_____________________________________
ROSELYN IGNACIO
Auditor – 4th Year BS Accountancy

_____________________________________
CRISTINE JOYCE MALUBAY
Auditor – 4th Year BS Accountancy

_____________________________________
RENARD YAP
Auditor – 4th Year BS Accountancy

_____________________________________
COLEEN ISABELLE PANSACOLA
Auditor – 4th Year BS Accountancy

February 12, 2019


Wesleyan University - Philippines
Cabanatuan City
DEL ROSARIO | GASPAR | IGNACIO | MALUBAY | YAP | PANSACOLA
CERTIFIED PUBLIC ACCOUNTANTS

SPECIAL AUDIT ENGAGEMENT CHECKLIST


ENTREP TEAM NO. 1

PARTICULARS FEEDBACK AUDIT FINDINGS


Store Hours
Store Opening Time 9:00 AM None
Store Closing Time 3:30 PM None
Inventory Count
Opening 9:45 AM None
Closing 5:40 PM None
Cash count was conducted; Cash accounted tallied with the
Cash Sales Count 5:35 PM
sales documents provided.
Financial Report
Income Statement Submitted
Required Financial reports were presented and supported by
Owner’s Equity Submitted complete documentation.

Attachments:
Original copies of Acknowledgement Receipts which serve
as Sales Documents were properly accomplished but are not
Sales Documents Provided
issued to customers since a duplicate copy is not maintained
by the store.
Purchase Documents Provided Purchase Documents were completely provided.

Affirmed by:

_____________________________________ ________________________________
JILMER DEL ROSARIO RENARD YAP
Auditor – 4th Year BS Accountancy Auditor – 4th Year BS Accountancy

_____________________________________ ________________________________
SONIEPER B. GASPAR COLEEN ISABELLE PANSACOLA
Auditor – 4th Year BS Accountancy Auditor – 4th Year BS Accountancy

_____________________________________
ROSELYN IGNACIO
Auditor – 4th Year BS Accountancy

_____________________________________
CRISTINE JOYCE MALUBAY
Auditor – 4th Year BS Accountancy

February 12, 2019


Wesleyan University – Philippines
ATTACHMENT 1
Anak ng Tokwa SCAN ME
February 12, 2019 Anak ngTokwa
Income Statement February 12, 2019

Sales 1664 Purchases 750


Cost of Sales 1310 TGAS 750
Gross Income 354 End. Inv. 0
Other Expenses 190 COGS 750
NET INCOME 164
SINGKAMAS
Beg. Inv. 0
Purchases 245
TGAS 245
End. Inv. 40
ATTACHMENT 2 COGS 205

Changes in Equity GULAMAN


Beg. Capital 1500 Beg. Inv. 0
Withdrawals 0 Purchases 355
Net Income 164 TGAS 355
End, Capital 1664 End. Inv. 0
COGS 355

Fixed Expenses
Transpo 60
Utility Exp 40
Gas 90
Total Fixed Expense 190

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