Audit Program

Topics: Bond, Bookkeeping, Debt Pages: 5 (906 words) Published: December 10, 2012
Audit Objectives:

a. Determining that cash on hand as shown in the general ledger is represented by currency and coins on hand.

b. Determining ownership and proper accountabilities

c. Ascertaining that cash balances are available without restrictions.

Audit Procedures:

a. Examination of cash proof sheets and tracing of their totals to the general ledger b. Test tracing of deposit or withdrawal slips to individual subsidiary ledgers and vice versa. c. Conduct actual cash count.

Audit Objectives:

a. To establish the propriety and validity of the items as of the examination date.

b. To ascertain that these items are collected or properly disposed of during the normal course of business.

Audit Procedures:

a. Comparing run up total against general ledger balance and investigating difference.

b. Reviewing checks and other cash items individually for unusual items

c. Ascertaining proper clearing or other disposition.

Audit Objectives:

a. To determine that the balance is correctly stated.

b. To determine that there are no long outstanding and/or unusual items in the reconciliation.

Audit Procedures:

a. Review the statement of reconciliation of the general balance and the Central Bank account balance.

b. Obtain confirmation of such balance from the Central Bank

c. Examine deposits with the Central Bank account and withdrawals therefrom;

d. Examine outgoing and incoming learning items

e. Examine all other debits and credits to the Central Bank account.

Audit Objectives:

a. To determine that the amount is correctly stated.

b. To determine that there are no long outstanding and/or unused in the reconciliations.

c. To determine compliance with law and Central Bank rules and regulations.

Audit Procedures:

a. Verify book balances by ascertaining agreement of subsidiary and general ledger records as well as agreement of subsidiary ledger balances with savings account passbook balances and totals of time deposits certificates.

b. Confirm balances with depository banks, and review reconciliation statements with these banks.

c. Ascertaining proper clearing or other disposition.
Audit Objectives:

a. To determine that the investment instruments are on hand or held in custody or safekeeping by others for account of the bank.

b. To determine that interest income and securities gains or losses have been recorded properly.

c. To determine those investments and the related income, gains and losses are properly presented in the financial statements.

d. To determine that investments have not suffered a permanent reduction in value, and allowance for losses has been provided where necessary.

e. To determine that all required disclosures have been made such as amounts pledged and market values.

f. To determine compliance with Central Bank rules and regulations governing investment securities.

g. To determine effectiveness of internal controls.

Audit Procedures:

a. Taking of inventory of investment securities simultaneous with the count of trading securities.

b. Confirmation of securities held by the Central Bank or other financial institutions.

c. Inspections of documents supporting selected investment transactions and collection of matured series and also review proper recording and income recognition upon sale/maturity.

d. Appraise the investments portfolio and determine the adequacy of the reserve for estimated decline in value of investments.

e. Review overall reasonableness of related unearned discount/premium and accrued interest receivable, if any. Audit Objectives:

a. Ascertain that all loans and advances granted are made in...
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