Activities: Real and Other Properties Owned or Acquired

AUDIT PROGRAMME
for the Compliance of Internal Controls

REAL AND OTHER PROPERTIES OWNED OR ACQUIRED
Internal Controls
a.
b.
c.
d.
e.
1. A detailed subsidiary record for each item should be maintained

showing the following minimum information:
From acquired
Date acquired
Acquisition cost
Description of property
Location of property
ACTIVITIES
1. Send a letter of
request addressed to the
companys head
accountant regarding the
authorization for obtaining
a detailed subsidiary
record of the real
properties owned or
acquired.
2. Obtain detailed
subsidiary record of the
real properties owned or
acquired from the
authorized personnel.
3. Check whether the
place/location of each
property where it was
acquired from had been
properly provided
recorded in the subsidiary
record.
4. Check whether the date
when each property was
acquired had been
properly provided in the
subsidiary record.
Done?
Date:______________
Time:______________
Date:______________
Time:______________
Date:______________
Time:______________
Date:______________
Time:______________
REMARKS

acquisition cost of the
property was stated and
provided in the subsidiary
record.
6. Check whether each
property recorded was
provided with its
corresponding description.
location of the property
had been properly stated
in the subsidiary record.
Date:______________
Time:______________
Date:______________
Time:______________
Date:______________
Time:______________
2. There should be an organizational unit responsible for the administration

and disposition of
all such assets and, also for the performance of the
following functions:
a.
Maintain proper accounting for all income and all expenses for
each asset held;
b.
Make periodic reports to the board of directors as to new

acquisitions, sale and status of outstanding assets;
c.
Conduct periodic appraisals of asset values to update records

with current or market prices;
d.
Maintain adequate insurance coverages of assets.
ACTIVITIES
1. Determine the following
based on inquiry of the
head accountant who are
the people responsible for
the functions as stated
above.
2. Determine whether the
assigned personnel
executed his/her function
in maintaining proper
accounting for all income
and all expenses for each
asset held by examining
Done?
Date: ______________
Time:______________
Date:______________
Time:______________
REMARKS
the accounting records.

assigned personnel
in submitting periodic
reports to the board of
directors as to new
acquisitions, sale and
status of outstanding
assets by checking if the
signatures of the board of
directors exist.
assigned personnel
in conducting periodic
appraisals of asset values
with current/market prices
by checking the updated
records.
assigned personnel
in maintaining adequate
insurance coverages of
assets by asking for a
complete record of
insurances that cover
assets.
Date:______________
Time:______________
Date:______________
Time:______________
Date:______________
Time:______________
3. A physical inventory of all items held should be conducted at
least once a year by the internal auditor or control officer.
ACTIVITIES
1. Determine by inquiry
with the internal auditor
or control officer whether
a physical inventory of all
items was conducted at
least once a year.
Done?
Date:______________
Time:______________
REMARKS
2. Obtain pertinent
documents from the
internal auditor or control
officer regarding physical
inventory of items from
prior years.
Date:______________
Time:______________
4. The board of directors or its committee should review all
acquisitions and dispositions of these assets monthly.
ACTIVITIES
1. Obtain monthly records
about all acquisitions and
dispositions from head
accountant.
2. Check whether
obtained records had
been reviewed monthly by
the board of directors by
looking for signatures as
proof.
Done?
REMARKS
Date:______________
Time:______________
Date:______________
Time:______________
5. No asset should be disposed of without prior authority from the

board of directors or its committee.
ACTIVITIES
Done?
1. Obtain records and

documents regarding
disposition of assets.
Date:______________
Time:______________
disposition of the assets
was properly authorized
by the board of directors
or its committee by
checking if the signatures
of the board of directors
or its committee exist.
Date:______________
Time:______________
REMARKS
6. Instruments showing ownership of assets should be held under

joint custody and segregated from loans collateral instruments.
ACTIVITIES
1. Obtain documents
regarding the complete
list of instruments
showing ownership of the
assets.
instruments showing
ownership of the assets
are joint custody and
segregated from loans
collateral instruments by
also obtaining documents
regarding the complete
lists of loans collateral
instruments.
Done?
Date:______________
Time:______________
Date:______________
Time:______________
REMARKS

Activities: Real and Other Properties Owned or Acquired

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Activities: Real and Other Properties Owned or Acquired

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AUDIT PROGRAMME

for the Compliance of Internal Controls

1. A detailed subsidiary record for each item should be maintained

5. Check whether the

2. There should be an organizational unit responsible for the administration

Make periodic reports to the board of directors as to new

Conduct periodic appraisals of asset values to update records

Maintain adequate insurance coverages of assets.

the accounting records.

3. Determine whether the

3. A physical inventory of all items held should be conducted at

least once a year by the internal auditor or control officer.

4. The board of directors or its committee should review all

acquisitions and dispositions of these assets monthly.

5. No asset should be disposed of without prior authority from the

1. Obtain records and

6. Instruments showing ownership of assets should be held under

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