Audit Program Cash And Bank Balances 3n2a2a

Audit Program Cash and bank balances Audit Program (i) Cash and bank balances

Client: Period: Subject:

WP Ref.: Prepared by: Date: Reviewed by Date

Cash and bank balances

balances: Cash in hand

Amount in Rs.

Cash at bank- Current - PLS

Classes of transactions:

S. No.

Audit Objectives

Assertions

Risk Assessment IR

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

CR

ROSM

been given in accordance with the Fourth Schedule of the Companies Ordinance, 1984 and relevant IASs.

S. No.

Audit Procedures

RVU

Objective

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 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 ing and approving personnel exist.

6.

Payments vouchers are appropriately ECA prepared and properly approved by designated authority.

Done by

W. P. Ref.

S. No.

Audit Procedures

Objective

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

N/A

Analytical Procedures 1.

Document logical commercial reasons for AU new bank s 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 banks.

3.

Trace opening balance in general ledger CE from last year working papers.

4.

Obtain and examine bank reconciliations ensure the following: No long outstanding item should remain unfollowed, 

No revenue nature item should be appearing 



All

deposit

made

should

be

ER

CEA

Done by

W. P. Ref.

S. No.

Audit Procedures

Objective

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 s into PKR at yearend rate.

8.

Ensure that all bank s are in R company's name.

9.

Ensure that closing balances as per our 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.

V

N/A

Done by

W. P. Ref.