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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

Account 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 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.

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 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


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 accounts into PKR at yearend rate.

8.

Ensure that all bank accounts 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.

N/A

Done by

W. P. Ref.