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