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AUDIT PROGRAM

Agency:

Department of Trade and


Industry - OSEC

Prepared by :

Audit Period:

January to December 31, 2013

Date
Reviewed by:
Date
Accounts:

Inter-Agency Receivables (Due from NGAs, LGUs, NGOs/Pos, GOCCs)

Audit Objectives
E
To determine whether inter-agency receivables recorded in the books represent valid
claims against debtors as of December 31, 2013
To determine whether the fund transfers were used in accordance with the purpose it
was granted
To determine whether the recorded account is properly and consistently classified and
presented in the financial statements and disclosures are appropriate

P&D

Legend:
E
- Existence/Occurrence
R
- Regularity
P&D
- Presentation and Disclosure

A.

Audit Procedures
Date

E&R

2. Obtain or prepare the following schedules:


a. Aging Schedule of Fund Balances
as of audit date on transfers to the
different government agencies

E&R

b. Schedule of Fund Transfer,


Liquidation and Balances as of
audit date.
3. Foot schedule and verify amounts against
the subsidiary ledger. Investigate
discrepancies and reclassify credit
balances.

E&R

W/P
Ref.

Assigned
to

Completed

1. Prepare an analysis of the account for the


period covered. Start with beginning
balance per books, add monthly debits and
deduct monthly credits as shown in general
ledger. Trace beginning balance to last
years ending balance and the monthly
debit/credit entries to the corresponding
journals.

Audit
Assertions

Started

Audit Procedures

Prepared
by

Reviewed
by

Date

5. Prepare confirmation control schedule with


column headings for index, amount, date of
request and date of second request, if any.
Calculate the percentage of amounts
confirmed to total due from debtors.
Investigate all exceptions by reference to
journal entry and/or checks issued and
other appropriate documentation.
6. Review financial statements to determine
whether receivables are properly classified
and described in accordance with the New
Government Accounting System (NGAS).

W/P
Ref.

Assigned
to

Completed

4. Select accounts over Php xxx amount and


send positive confirmation letters.

Audit
Assertions

Started

Audit Procedures

Prepared
by

E&R

E&R

P&D

7. Prepare Audit Working Paper/Audit Notes


and summary for deviations noted, if any.
8. Prepare Audit Observation Memorandum,
if necessary.
9. Indexing and cross-referencing of Audit
Working Papers to the AOM and Audit
Program

Audit Program
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