Audit Program - Savings Accounts

Assertion Audit Objective Audit Procedure Remarks

Completeness To determine whether 1. Reconciled subsidiary  Non-issuance
Valuation the accounts are ledger with general ledger of official
Occurrence complete, properly 2. Inquiry with employees receipts
valued and have 3. Vouching from records to
occurred. supporting documents  Non-signing of
authorized
signatories of
the depositor

 Withdrawal
slips did not
bear the
signature of
approving
person

 No updating
of accounts
due to
absence of
official
receipts

 Payment to
various loan
accounts but
attachments
do not reveal
the substance
of the
transactions
Audit Program – Loan Receivable Accounts
Assertion Audit Objective Audit Procedure Remarks
Existence 1. To determine 1. Reconciliation of subsidiary  Loan ledger
Valuation whether the ledgers with the general ledger balances does
Rights receivable balances not reconcile
shown in the 2. Interview with member- with the
balance sheet borrowers general ledger
reflect true balances
amounts owed to 3. Inspection of supporting
the company. documents of the transactions  Double
2. To determine (journal vouchers, discount deductions
whether balance of statements, etc.) were spotted
accounts of the
debtors are 4. Detailed examination of  No
accurate. transactions per account promissory
3. To determine note hard
whether the entity copy found in
has a legal right to loan profile
all receivables.
 No provision
of loan
application
copies were
given to some
members

 Presence of
management
override was
cited

 A portion of
the payment
by the
members
were credited
to the
account of
the branch
manager

 There were
loan accounts
 bearing no
interest

 Some loan
accounts are
mistakenly
posted