Beruflich Dokumente
Kultur Dokumente
2. Cash receipts and cash disbursements are recorded correctly as to Existence or occurrence, Completeness,
account, amount, and period. Valuation or allocation
3. Cash balances include funds at all locations, funds with custodians and Existence or occurrence, Completeness,
deposits in transit. Presentation and disclosure
4. Cash is properly classified and presented in the financial statements, Rights and obligations
and adequate disclosures are made with respect to restricted cash. Presentation and disclosure
2. Cash receipts and cash disbursements are recorded correctly as to Existence or occurrence, Completeness,
account, amount, and period. Valuation or allocation
3. Cash balances include funds at all locations, funds with custodians and Existence or occurrence, Completeness,
deposits in transit. Presentation and disclosure
4. Cash is properly classified and presented in the financial statements, Rights and obligations
and adequate disclosures are made with respect to restricted cash. Presentation and disclosure
1. Compare the current year’s account balances with the prior year’s
account balances for trade receivables
2. Compare the current year’s account balances with the prior year’s
account balances for gross receivables; allowance for doubtful
accounts; bad debts
Workpaper
Audit Procedures Performed by
Reference
9. Trace the ending balance per the analysis to the trial balance as
of the balance-sheet date
10. Review subsequent collections of receivables
Audit Program for Advances to Employees and Officers
5. Trace the ending balance per the analysis to the trial balance as
of the balance-sheet date
Audit Program for Accrued Interest Receivable
Workpaper
Audit Procedures Performed by
Reference
1. Confirm receivables
Financial Statement
Audit Objectives
Assertions
Investments reflected in the balance sheet include Existence or occurrence
securities on hand and in custody of third parties, and Valuation or Allocation
physical evidence of ownership exists. Completeness
Investments are properly valued, and loss in value is Existence or occurrence
promptly identified and provided for. Valuation or allocation
Investments are properly segregated between current
and noncurrent assets and are disclosed in accordance Presentation and disclosure
with IAS. Valuation and Allocation
Workpaper
Audit Procedures Performed by
Reference
2. The entity has legal title or similar rights of ownership to the land and
Rights and obligations
improvements.
3. Land additions are recorded correctly as to account, amount, and
Existence or occurrence, Completeness,
period. Capital items are identified and distinguished from repairs and Rights and obligations
maintenance expense items.
4. Transactions, events, balances and other financial matters for land
have been disclosed accurately at their appropriate amounts. Presentation and disclosure
5. Land balances have been valued appropriately. Valuation or allocation
Performed Workpaper
Audit Procedures
by Reference
Workpaper
Audit Procedures Performed by
Reference
Workpaper
Audit Procedures Performed by
Reference
Financial Statement
Audit Objectives
Assertions
Tools and equipment reflected in the balance sheet physically exist Existence or occurrence
and the entity has legal title or similar rights of ownership to them. Rights and Obligations
Tools and equipment include those that are purchased, contributed,
constructed in-house or by third parties, and leases meeting the Completeness
criteria for finance leases.
Tools and equipment additions are recorded correctly as to account, Existence or Occurrence
amount, and period. Capital items are identified and distinguished Completeness
from repairs and maintenance expense items. Rights and Obligations
Retirements, trade-ins, and idle equipment are promptly identified Existence or Occurrence
and recorded correctly as to account, amount, and period. Completeness, R&O
Depreciation calculations are made and allocated using proper
Valuation or allocation
estimated useful lives and methods.
Workpaper
Audit Procedures Performed by
Reference
6. Prepare or obtain from the client a summary of fixed assets and
related depreciation showing the following information:
a. Classification of major classes of equipment such as furniture
and fixtures, machinery and tools.
b. Asset balances at the beginning of the year
c. Asset additions during the year
d. Retirements and disposals during the year
e. Other changes during the year (e.g., transfers, reclassifications)
f. Asset balances at the end of the year
7. Substantiate the asset’s cost by examining supporting
documentation such as vendor invoices, purchase contracts, work
orders.
8. Physically inspect significant assets and major additions, and
agree serial numbers with invoices or other supporting
documents.
9. Trace balances at the beginning of the year for asset balances
and accumulated depreciation balances per the summary
schedule of property and equipment to ending balances per the
prior years’ working papers.
10. If repairs and maintenance expense account balances are
material, scan the general ledger activity and examine supporting
documentation on a test basis to determine whether the amounts
should have been capitalized.
Audit Program for Property, Plant & Equipment -Office Furniture, Fixtures & Equipment
Legal Company Name Client: Century Pacific Food Inc.
Balance Sheet Date: December 31, 2015
Prepared by: SMVDG Date: September 21, 2016
Reviewed and Approved by: CMM Date: September 29, 2016
Financial Statement
Audit Objectives
Assertions
Office Furniture, Fixtures and equipment reflected in the balance sheet
Existence or occurrence
physically exist and the entity has legal title or similar rights of ownership
Rights and obligations
to them.
Office Furniture, Fixtures and equipment include those that are
purchased, contributed, constructed in-house or by third parties, and Completeness
leases meeting the criteria for finance leases.
Office Furniture, Fixtures and equipment additions are recorded correctly Existence or Occurrence
as to account, amount, and period. Capital items are identified and Completeness
distinguished from repairs and maintenance expense items. Rights and Obligations
Retirements, trade-ins, and idle equipment are promptly identified and Existence or Occurrence
recorded correctly as to account, amount, and period. Completeness
Rights and Obligations
Depreciation calculations are made and allocated using proper estimated
Valuation or allocation
useful lives and methods.
Performed Workpaper
Audit Procedures
by Reference
1. Prepare or obtain from the client a summary of fixed assets and related
depreciation showing the following information:
c. Classification of major classes of equipment such as furniture and
fixtures, machinery and tools.
d. Asset balances at the beginning of the year
c. Asset additions during the year
d. Retirements and disposals during the year
e. Other changes during the year (e.g., transfers, reclassifications)
f. Asset balances at the end of the year
2. Substantiate the asset’s cost by examining supporting documentation
such as vendor invoices, purchase contracts, work orders.
3. Physically inspect significant assets and major additions, and agree
serial numbers with invoices or other supporting documents.
4. Trace balances at the beginning of the year for asset balances and
accumulated depreciation balances per the summary schedule of
property and equipment to ending balances per the prior years’ working
papers.
5. If repairs and maintenance expense account balances are material, scan
the general ledger activity and examine supporting documentation on a
test basis to determine whether the amounts should have been
capitalized.
Audit Program for Property Plant & Equipment-Machinery and Equipment
Performed Workpaper
Audit Procedures
by Reference
1. Prepare or obtain from the client a summary of fixed assets and related
depreciation showing the following information:
a. Classification of major classes of equipment such as furniture and
fixtures, machinery and tools.
b. Asset balances at the beginning of the year
c. Asset additions during the year
d. Retirements and disposals during the year
e. Other changes during the year (e.g., transfers, reclassifications)
f. Asset balances at the end of the year
2. Substantiate the asset’s cost by examining supporting documentation
such as vendor invoices, purchase contracts, work orders.
3. Physically inspect significant assets and major additions, and agree serial
numbers with invoices or other supporting documents.
4. Trace balances at the beginning of the year for asset balances and
accumulated depreciation balances per the summary schedule of property
and equipment to ending balances per the prior years’ working papers.
5. If repairs and maintenance expense account balances are material, scan
the general ledger activity and examine supporting documentation on a
test basis to determine whether the amounts should have been
capitalized.
Audit Program for Property Plant & Equipment-Transportation and Delivery Equipment
Financial Statement
Audit Objectives
Assertions
Transportation and Delivery Equipment reflected in the balance
Existence or occurrence
sheet physically exist and the entity has legal title or similar rights of
Rights and obligations
ownership to them.
Transportation and Delivery Equipment include those that are
purchased, contributed, constructed in-house or by third parties, Completeness
and leases meeting the criteria for finance leases.
Transportation and Delivery Equipment additions are recorded
Existence or Occurrence
correctly as to account, amount, and period. Capital items are
Completeness
identified and distinguished from repairs and maintenance expense
Rights and Obligations
items.
Retirements, trade-ins, and idle equipment are promptly identified Existence or Occurrence
and recorded correctly as to account, amount, and period. Completeness, R&O
Depreciation calculations are made and allocated using proper
Valuation or allocation
estimated useful lives and methods.
Performed Workpaper
Audit Procedures
by Reference
6. Prepare or obtain from the client a summary of fixed assets and
related depreciation showing the following information:
g. Classification of major classes of equipment such as furniture and
fixtures, machinery and tools.
h. Asset balances at the beginning of the year
i. Asset additions during the year
j. Retirements and disposals during the year
k. Other changes during the year (e.g., transfers, reclassifications)
l. Asset balances at the end of the year
7. Substantiate the asset’s cost by examining supporting documentation
such as vendor invoices, purchase contracts, work orders.
8. Physically inspect significant assets and major additions, and agree
serial numbers with invoices or other supporting documents.
9. Trace balances at the beginning of the year for asset balances and
accumulated depreciation balances per the summary schedule of
property and equipment to ending balances per the prior years’ working
papers.
10. If repairs and maintenance expense account balances are material,
scan the general ledger activity and examine supporting documentation
on a test basis to determine whether the amounts should have been
capitalized.
Audit Program for Intangible Assets - Goodwill
Legal Company Name Client: Century Pacific Food Inc.
Balance Sheet Date: December 31, 2015
Prepared by: SMVDG Date: September 21, 2016
Reviewed and Approved by: CMM Date: September 29, 2016
Financial Statement
Audit Objectives
Assertions
Existence or occurrence
Balances of goodwill are being allocated to future periods and/or Completeness
realized in the ordinary course of business. Rights and obligations
Valuation or allocation
Amortization or loss in value is recorded correctly
with respect to accounts, amounts, and periods.
Valuation or allocation
Amortization methods and periods are reasonable and
systematic.
Goodwill with no continuing value are removed
Valuation or allocation
from the books in a timely manner.
Goodwill is properly classified and presented in the
financial statements and adequate disclosures are made
Presentation and disclosure
with respect to amortization method and period and
accumulated amortization for intangible assets.
Workpaper
Audit Procedures
Performed by Reference
1. Compare current-period ending balance per the general ledger
to the prior-period balance and investigate any unusual
variations.
Financial Statement
Audit Objectives
Assertions
Balances of prepaid expenses, deferred charges, Existence or occurrence
intangibles, and other assets are being allocated to Completeness
future periods and/or realized in the ordinary course of Rights and obligations
business. Valuation or allocation
Amortization or loss in value is recorded correctly
with respect to accounts, amounts, and periods.
Valuation or allocation
Amortization methods and periods are reasonable and
systematic.
Prepaid expenses, deferred charges, intangibles, and
other assets with no continuing value are removed Valuation or allocation
from the books in a timely manner.
Prepaid expenses, deferred charges, intangibles, and
other assets are properly classified and presented in the
financial statements and adequate disclosures are made Presentation and disclosure
with respect to amortization method and period and
accumulated amortization for intangible assets.
Workpaper
Audit Procedures
Performed by Reference
1. Compare current-period ending balance per the general ledger
to the prior-period balance and investigate any unusual
variations.
Financial Statement
Audit Objectives
Assertions
Balances of prepaid expenses, deferred charges, Existence or occurrence
intangibles, and other assets are being allocated to Completeness
future periods and/or realized in the ordinary course of Rights and obligations
business. Valuation or allocation
Amortization or loss in value is recorded correctly
with respect to accounts, amounts, and periods.
Amortization methods and periods are reasonable and Valuation or allocation
systematic.
Prepaid expenses, deferred charges, intangibles, and
other assets with no continuing value are removed Valuation or allocation
from the books in a timely manner.
Prepaid expenses, deferred charges, intangibles, and
other assets are properly classified and presented in the
financial statements and adequate disclosures are made Presentation and disclosure
with respect to amortization method and period and
accumulated amortization for intangible assets.
Workpaper
Audit Procedures
Performed by Reference
Financial Statement
Audit Objectives
Assertions
Balances of prepaid expenses, deferred charges, Existence or occurrence
intangibles, and other assets are being allocated to Completeness
future periods and/or realized in the ordinary course of Rights and obligations
business. Valuation or allocation
Workpaper
Audit Procedures
Performed by Reference
1. Compare current-period ending balance per the general
ledger to the prior-period balance and investigate any
unusual variations.
2. Vouch and trace transactions to original documents (not
copies), including examination of bank statements
3. Review general ledger account activity and investigate
any entries which appear unusual
4. Determine the policies and agreements relating to
unrealized foreign currency loss.
5. Test the arithmetical accuracy of the analysis and
determine whether the balance at the end of the period is
appropriate.
6. Review journal entries made to the general ledger
accounts.
Audit Program for Allowance for Doubtful Accounts
Legal Company Name Client: Century Pacific Food Inc.
Balance Sheet Date: December 31, 2015
Prepared by: SPR Date: September 21, 2016
Reviewed and Approved by: CMM Date : September 29, 2016
Financial Statement
Audit Objectives
Assertions
1. Land reflected in the balance sheet physically exists. Existence or occurrence
2. The entity has legal title or similar rights of ownership to the
Rights and obligations
land and improvements.
3. Land additions are recorded correctly as to account, amount, Existence or Occurrence
and period. Capital items are identified and distinguished from Completeness
repairs and maintenance expense items. Rights & Obligations
4. Transactions, events, balances and other financial matters for
land have been disclosed accurately at their appropriate Presentation and disclosure
amounts.
5. Land balances have been valued appropriately. Valuation or allocation
Performed Workpaper
Audit Procedures by Reference
Financial Statement
Audit Objectives Assertions
Existence or occurrence
1. Balances of prepaid expenses, deferred charges, intangibles,
Completeness
and other assets are being allocated to future periods and/or
Rights and obligations
realized in the ordinary course of business.
Valuation or allocation
2. Amortization or loss in value is recorded correctly with respect
to accounts, amounts, and periods. Amortization methods and Valuation or allocation
periods are reasonable and systematic.
3. Prepaid expenses, deferred charges, intangibles, and other
assets with no continuing value are removed from the books in Valuation or allocation
a timely manner.
4. Prepaid expenses, deferred charges, intangibles, and other Presentation and disclosure
assets are properly classified and presented in the financial
statements and adequate disclosures are made with respect
to amortization method and period and accumulated
amortization for intangible assets.
Workpaper
Audit Procedures
Performed by Reference
1. Compare current-period ending balance per the
general ledger to the prior-period balance and
investigate any unusual variations
2. Review journal entries made to the general ledger
accounts.
3. Review general ledger account activity and
investigate any entries which appear unusual
4. Vouch and trace transactions to original documents
(not copies), including examination of bank
statements
5. On a test basis, examine policies in force and agree
terms and coverage to detail information per the
analysis.
6. Test the arithmetical accuracy of the analysis and
determine the reasonableness of excess of
contribution over retirement balance at the end of the
period.
Audit Program for Post Employment Benefits
Financial Statement
Audit Objectives
Assertions
Balances of prepaid expenses, deferred charges, Existence or occurrence
intangibles, and other assets are being allocated to Completeness
future periods and/or realized in the ordinary course of Rights and obligations
business. Valuation or allocation
Amortization or loss in value is recorded correctly
with respect to accounts, amounts, and periods.
Valuation or allocation
Amortization methods and periods are reasonable and
systematic.
Prepaid expenses, deferred charges, intangibles, and
other assets with no continuing value are removed Valuation or allocation
from the books in a timely manner.
Prepaid expenses, deferred charges, intangibles, and
other assets are properly classified and presented in the
financial statements and adequate disclosures are made Presentation and disclosure
with respect to amortization method and period and
accumulated amortization for intangible assets.
Workpaper
Audit Procedures Performed by
Reference
1. Compare current-period ending balance per the general
ledger to the prior-period balance and investigate any
unusual variations.
2. Review general ledger account activity and investigate
any entries which appear unusual.
3. Vouch and trace transactions to original documents (not
copies), including examination of bank statements.
4. Determine the extent of any property taxes assessed by
taxing authorities but delinquent as of the balance-sheet
date.
5. Test the arithmetical accuracy of the analysis and
determine whether the prepaid balance at the end of the
period is appropriate.
Financial Statement
Audit Objectives Assertions
Existence or occurrence
Balances of prepaid expenses, deferred charges,
Completeness
intangibles, and other assets are being allocated to
Rights and obligations
future periods and/or realized in the ordinary course of
Valuation or allocation
business.
Amortization or loss in value is recorded correctly
with respect to accounts, amounts, and periods.
Valuation or allocation
Amortization methods and periods are reasonable and
systematic.
Prepaid expenses, deferred charges, intangibles, and
other assets with no continuing value are removed Valuation or allocation
from the books in a timely manner.
Prepaid expenses, deferred charges, intangibles, and
other assets are properly classified and presented in the
financial statements and adequate disclosures are made Presentation and disclosure
with respect to amortization method and period and
accumulated amortization for intangible assets.
Workpaper
Audit Procedures
Performed by Reference
1. Compare current-period ending balance per the general
ledger to the prior-period balance and investigate any
unusual variations.
2. Review general ledger account activity and investigate any
entries which appear unusual.
3. Reconcile property tax expense per the analysis to the
general ledger.
4. Vouch and trace transactions to original documents (not
copies), including examination of bank statements.
5. Examine tax bills and record of payment and agree
information to the detail analysis.
6. Determine the extent of any property taxes assessed by
taxing authorities but delinquent as of the balance-sheet
date.
7. Test the arithmetical accuracy of the analysis and determine
whether the prepaid balance at the end of the period is
appropriate.
Financial Statement
Audit Objectives
Assertions
Balances of prepaid expenses, deferred charges, Existence or occurrence
intangibles, and other assets are being allocated to Completeness
future periods and/or realized in the ordinary course of Rights and obligations
business. Valuation or allocation
Amortization or loss in value is recorded correctly
with respect to accounts, amounts, and periods.
Valuation or allocation
Amortization methods and periods are reasonable and
systematic.
Prepaid expenses, deferred charges, intangibles, and
other assets with no continuing value are removed Valuation or allocation
from the books in a timely manner.
Prepaid expenses, deferred charges, intangibles, and
other assets are properly classified and presented in the
financial statements and adequate disclosures are made Presentation and disclosure
with respect to amortization method and period and
accumulated amortization for intangible assets.
Workpaper
Audit Procedures
Performed by Reference
1. Compare current-period ending balance per the general
ledger to the prior-period balance and investigate any
unusual variations.
2. Review general ledger account activity and investigate
any entries which appear unusual.
3. Vouch and trace transactions to original documents (not
copies), including examination of bank statements.
4. Determine the policies and agreements relating to security deposits
Performed Workpaper
Audit Procedures
by Reference
1. Compare current-period ending balance per the general
ledger to the prior-period balance and investigate any
unusual variations.
2. On a test basis, examine insurance policies in force and
agree terms and coverage to detail information per the
analysis.
3. Compare actual amounts to budgeted amounts.
4. Review general ledger account activity and investigate
any entries which appear unusual.
5. Vouch and trace transactions to original documents (not
copies), including examination of bank statements
6. Test the arithmetical accuracy of the analysis and
determine the reasonableness of deposits on utilities
balance at the end of the period.
7. Review journal entries made to the general ledger
accounts.
Audit Program for Returnable Containers
Financial Statement
Audit Objectives
Assertions
Balances of prepaid expenses, deferred charges, Existence or occurrence
intangibles, and other assets are being allocated to Completeness
future periods and/or realized in the ordinary course of Rights and obligations
business. Valuation or allocation
Amortization or loss in value is recorded correctly
with respect to accounts, amounts, and periods.
Valuation or allocation
Amortization methods and periods are reasonable and
systematic.
Prepaid expenses, deferred charges, intangibles, and
other assets with no continuing value are removed Valuation or allocation
from the books in a timely manner.
Prepaid expenses, deferred charges, intangibles, and
other assets are properly classified and presented in the
financial statements and adequate disclosures are made Presentation and disclosure
with respect to amortization method and period and
accumulated amortization for intangible assets.
Performed Workpaper
Audit Procedures
by Reference
1. Compare current-period ending balance per the general
ledger to the prior-period balance and investigate any
unusual variations.
2. Review general ledger account activity and investigate
any entries which appear unusual.
3. Vouch and trace transactions to original documents (not
copies), including examination of bank statements.
4. Determine the policies and agreements relating to
returnable containers
5. Test the arithmetical accuracy of the analysis and
determine whether the prepaid balance at the end of the
period is appropriate.
6. Review journal entries made to the general ledger
accounts.
Audit Program for Notes Payable
Financial Statement
Audit Objectives Assertions
Existence or occurrence
Recorded debt obligations include all notes payable, long-term debt,
Completeness
finance lease obligations, and other debt equivalents.
Rights and obligations
Existence or occurrence
Debt obligations and related expenses are authorized and recorded Completeness
correctly as to account, amount, and period. Rights and obligations
Valuation or allocation
Debt obligations are properly classified in the balance sheet
between current and noncurrent liabilities, and adequate Presentation and disclosure
disclosures are made in accordance with IAS
Workpaper
Audit Procedures
Performed by Reference
1. Compare current-period ending balance per the general ledger to
the prior-period balance and investigate any unusual variations.
2. Review general ledger account activity and investigate any
entries which appear unusual.
3. Determine the policies and agreements relating to notes payable.
4. Vouch and trace transactions to original documents (not copies),
including examination of bank statements.
5. Obtain copies of new debt agreements, and review terms,
conditions, and restrictive covenants.
6. Test the arithmetical accuracy of the analysis and trace balances
to the general ledger.
7. Test the reasonableness of interest expense, amortization of
debt discount/premium, and related accrued interest.
8. Verify if debt incurred in the current period was authorized by the
appropriate person(s).
9. Review journal entries made to the general ledger accounts.
Audit Program for Trade Payables
Financial Statement
Audit Objectives
Assertions
Trade payable reflected in the balance sheet represent Existence or occurrence
authentic obligations of the entity and include unprocessed Completeness
invoices and liabilities for goods and services received but not Rights and obligations
billed.
Trade payable amounts agree with invoices or other Existence or occurrence
supporting documents and are recorded correctly as to Rights and Obligations
account and period. Valuation or allocation
Trade payable are properly classified as current liabilities;
significant Debit balances are re-classified to other assets;
and adequate disclosures are made for related-party Presentation and disclosure
accounts payable, payables with specified payment terms.
Performed Workpaper
Audit Procedures
by Reference
1. Prepare or obtain from the client a listing of trade
accounts payable as of the balance-sheet date and
review the accounts payable listing for past due
amounts
Financial Statement
Audit Objectives
Assertions
Existence or occurrence
Accrued liabilities reflected in the balance sheet include costs
Completeness
and expenses authorized, incurred, and for which benefit has
Rights and obligations
been received as of the balance sheet date
Workpaper
Audit Procedures
Performed by Reference
Financial Statement
Audit Objectives
Assertions
Existence or occurrence
Withholding tax payable reflected in the balance sheet include
Completeness
amount authorized and computed as per employee and the
Rights and obligations
employer is involved.
Performed Workpaper
Audit Procedures
by Reference
5. Recalculate accounts.
6. Obtain information about the fair value of such liabilities
and determine that the valuation principles are being
consistently applied under GAAP.
7. Determine that the method of estimation and significant
assumptions used are properly disclosed.
8. Inspect the financials.
9. Inquiry of management and scanning of footnotes.
10. Obtain a management representation letter with
assertions relating to withholding taxes.
Audit Program for Provisions
Legal Company Name Client: Century Pacific Food Inc.
Balance Sheet Date: December 31, 2015
Prepared by: PGM Date: September 21, 2016
Reviewed and Approved by: CMM Date: September 29, 2016
Financial Statement
Audit Objectives
Assertions
To determine the existence of provisions in the year it
occurred. To know the proper recording of the provisions in Existence or occurrence
the company’s balance sheet. And to provide that such Completeness
provisions are the company’s obligations with regards to Rights and obligations
estimated losses.
Performed Workpaper
Audit Procedures
by Reference
4. Recalculate accounts.
5. Test the mathematical arithmetic accuracy of the said
account balance.
6. Determine that the method of estimation and significant
assumptions used are properly disclosed.
7. Determine the proper recognition of provisions
8. Obtain a management representation letter with
assertions relating to provisions for estimated losses
9. Inspect the financials.
10. Inquiry of management and scanning of footnotes.
Audit Program for Income Tax Payable
Financial Statement
Audit Objectives
Assertions
Existence or occurrence
To determine if Income tax payable exist and occur during the
Completeness
year income was earned, its composition and the ability of the
Rights and obligations
entity to incur such obligations
Workpaper
Audit Procedures
Performed by Reference
4. Recalculate accounts.
5. Obtain information about the fair value of such liabilities
and determine that the valuation principles are being
consistently applied under the established laws and
regulations.
6. Determine that the method of estimation and significant
assumptions used are properly disclosed.
7. Inspect the financials.
8. Inquiry of management and scanning of footnotes.
Audit Program for Due to Related Parties
Financial Statement
Audit Objectives
Assertions
To determine whether the amounts received by or due to the Existence or occurrence
plan are properly determined and recorded and disclosed in Presentation and Disclosure
the financial statement
Workpaper
Audit Procedures
Performed by Reference
1. Tests the contributions from the employee and employer
to determine whether the amounts received by or due to the
plan are properly determined and recorded and disclosed in
the financial statement.
2. Make inquiries about the nature of transactions;
understand their business rationale and the terms and
conditions involved.
3. Inspect underlying contracts or agreements, bank and
legal confirmations.
4. Inspect and review minutes of shareholder and
management meetings and any other records or documents
considered necessary.
Financial Statement
Audit Objectives
Assertions
Existence or occurrence
Share Capital transactions are authorized and recorded
Completeness
correctly as to account, amount, and period and give
Rights and obligations
effect to all transactions such as stock issuance,
Valuation and Allocation
repurchases, retirements, dividends, etc.
Workpaper
Audit Procedures
Performed by Reference
1. Review meeting minutes of the Representative Governing
Board (or other appropriate documentation) and trace
stock issuance, repurchases, retirements, dividends, or
stock options authorized therein to accounting records.
2. Reconcile number of shares outstanding with stock
certificate stubs.
3. Examine certificates representing unissued, retired, or
treasury shares.
4. Determine that certificates surrendered have been
canceled.
Financial Statement
Audit Objectives
Assertions
Existence or Occurrence
Equity transactions are authorized and recorded correctly as to Completeness
account, amount, and period and give effect to all transactions such Rights & Obligations
as stock issuance, repurchases, retirements, dividends, etc.
Valuation & Allocation
Workpaper
Audit Procedures
Performed by Reference