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Audit Thrust Area

This document summarizes the status and issues of an audit for cash and cash equivalents and financial liabilities. It lists the activities, status, issues and concerns, risks, and actions taken or planned for the audit of cash and bank balances, current liabilities, inter-agency payables, and loan payables. Key issues include delayed bank reconciliations and recognition of obligations, unrecorded payables, and stop payments by separated employees. Risks involve issued checks without proper documentation and use of collections for payments. Actions include demanding bank reconciliations and conducting a cash count to address these issues and risks.

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Warren Jarabo
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736 views1 page

Audit Thrust Area

This document summarizes the status and issues of an audit for cash and cash equivalents and financial liabilities. It lists the activities, status, issues and concerns, risks, and actions taken or planned for the audit of cash and bank balances, current liabilities, inter-agency payables, and loan payables. Key issues include delayed bank reconciliations and recognition of obligations, unrecorded payables, and stop payments by separated employees. Risks involve issued checks without proper documentation and use of collections for payments. Actions include demanding bank reconciliations and conducting a cash count to address these issues and risks.

Uploaded by

Warren Jarabo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Audit Thrust Area Activities Status Issues and Concerns Risks Action Taken/to be Taken to Address Issues and

Action Taken/to be Taken to Address Issues and Risks


A. Audit of Cash & 1. Verification of Existence of 1. Delayed submission 1. Issued Checks Issues and Concerns
Cash Equivalents Cash per books as of Balance of Bank without 1. Demand submission of Bank Reconciliations
a) Cash Local Sheet Date. Reconciliations Disbursing 2. Conduct year-end cash count
Treasury 2. Verification of validity of 2. Collections are not vouchers 3. Reconciliation of Cash Book with Cash Receipts
b) Cash in Bank cash advances to Disbursing deposited intact 2. Collections Journal and Cash Disbursement Journals
Officers in accordance with daily used for
applicable laws, rules and 3. payment of Risks
regulations. vouchers. 1.
3. Proper classification, 3.
presentation and disclosure.
B. Audit of Financial
Liabilities
a. Current Liabilities 1. Verification of the validity of 1. Delayed 1. Legitimacy of Issues and Concerns
recorded liabilities, proper Recognition of obligations as 1.
classification, and Obligations of balance
completeness of subsidiary 2. sheet date.
records and disclosures 2. Unrecorded
payables
3.
b. Inter-agency payables 1. Validity of recorded 1. Delayed Remittance 1. Stop payments Issues and Concerns
(Due to BIR, GSIS, liabilities as of Balance Sheet of withheld by reason of 1.
PHILHEALTH, PAG- Date deductions to separation
IBIG) concerned agency from the
2. service
(retirement,
resignations,
death, etc.)
b. Loan Payables 1. Verification of the 1. 2. Legitimacy of Issues and Concerns
completeness and accuracy Obligations 1.
of subsidiary records and with the
disclosures applicable
laws, rules and
1. 2. Compliance with regulations
applicable laws, rules and 3. Proper
regulations recording of
amortization.

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