Audit Program Cash and bank balancesAudit 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 Check on a sample of transactions that ALL detective controls are appropriately been exercised and in case of any detection of error/ fraud. Ref. 4. 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. S. Payments vouchers are appropriately ECA prepared and properly approved by designated authority. proper steps have been taken to avoid recurrence of the same. 3. 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). 1984 and relevant IASs. Proper segregation of duties between CE custodian and accounting and approving personnel exist. Check that proper bank reconciliations are ALL prepared. Long outstanding items are followed up and proper disposition of such items is made. Done by W. 6. P. 5. A walk through test would be necessary to confirm the understanding as documented.been given in accordance with the Fourth Schedule of the Companies Ordinance. 2. Check on sample of selected transactions ALL covering the whole period that all preventive controls are exercised on all transactions. . checked and approved. No. Audit Procedures RVU Objective Test of Controls 1. Attend year-end cash count and deposit E verification. 3. 2. N/A Analytical Procedures 1. Obtain and examine bank reconciliations ensure the following: No long outstanding item should remain unfollowed. Test of Details 1. P. Audit Procedures Objective 7.S. Document the conclusion after performing test of controls and required level of assurance from substantive procedures. Circularize direct confirmations to all banks. Compare current year balances with last CEA year balances and ensure that any significant variation should be properly and logically reasoned. Document logical commercial reasons for AU new bank accounts opened and closed during the year. 2. . Trace opening balance in general ledger CE from last year working papers. No revenue nature item should be appearing All deposit made should be ER CEA Done by W. Ref. 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. 4. No. Ensure that closing balances as per our working paper file are in match with general ledger. 7. No. Audit Procedures Objective cleared within two days No long outstanding cheques of significant amount are unpresented. if so then disclosure is made. 6. 9. . 10.S. Ensure that all bank accounts are in R company's name. Convert FCY accounts into PKR at yearend rate. 5. Ref. P. 8. reported by CA bank in replies to bank confirmation request are included in records of the client. Ensure that all balances etc. Ensure that no balances are subject any U encumbrance. Determine that disclosures have been OCAL made in accordance with the RVU requirements of Fourth Schedule to the Companies Ordinance. V N/A Done by W. 1984 and the applicable IASs. if so then check their payment voucher and ensure that no discrepancy is involved.