All Accounts Ap PDF

Audit Program for Cash in Bank
Legal Company Name Client: Century Pacific Food Inc.

Balance Sheet Date: December 31, 2015
Prepared by:CJBN Date: September 21, 2016
Reviewed and Approved by:CMM Date: September 29, 2016
Audit Objectives Assertions

1. Cash physically exists and is owned by the company as of the balance Existence or occurrence
sheet date. Rights and obligations
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
Audit Procedures Workpaper

Performed by Reference
1. Review the cash receipts and cash disbursements journal
2. Test cutoff by obtaining cutoff bank statements directly from

banks and considering necessity of preparing a proof of cash
3. Determine if all receipts and disbursements per books are

recorded in the correct period
4. Confirm year-end cash balances with all banks and other
depositories
6. Verify mathematical accuracy of recorded cash balances by

tracing totals to the general ledger and to the year-end bank
reconciliations prepared by the client
7. Test the arithmetical accuracy of the bank statement
8. Review financial statements to determine whether disclosures
are adequate
9. Review if Cash in bank is properly classified

Audit Program for Cash in Bank

Prepared by: CJBN Date: September 21, 2016
Reviewed and Approved by:CMM Date: September 29, 2016

1. Receivables reflected in the balance sheet exist, are for valid
Existence or occurrence
transactions, and include all authentic obligations of third parties to Rights and obligations
the entity
2. Billings are for the correct amount and uncollectible accounts are
Existence or occurrence, Completeness,
promptly identified and provided for. The allowance for uncollectible Valuation or allocation
accounts is adequate
3. Existence or occurrence, Completeness,
Presentation and disclosure
Audit Procedures Performed by Workpaper

Reference
1. Prepare or obtain from the client a listing of all cash

accounts open as of the balance-sheet date or opened
and closed during the period under audit, showing
account no. and type, custodian, and balance per ledger
3. Confirm year-end cash balances with all banks and

other depositories
4. Foot client’s copies of deposits slips and compare
them to totals show per the bank statement
5. Review financial statements to determine whether
cash balances are properly classified and disclosed
Audit Program for Cash Equivalents

Reviewed and Approved by: CMM Date: September 29, 2016

1. Cash physically exists and is owned by the company as of the balance Existence or occurrence
sheet date. Rights and obligations
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
Audit Procedures Workpaper

1. Review the cash receipts and cash disbursements journal
2. Test cutoff by obtaining cutoff bank statements directly from

banks and considering necessity of preparing a proof of cash

4. Confirm year-end cash balances with all banks and other
depositories
5. Verify mathematical accuracy of recorded cash balances by
tracing totals to the general ledger and to the year-end bank
reconciliations prepared by the client
7. Review financial statements to determine whether disclosures
are adequate
8. Review if Cash in bank is properly classified

Audit Program for Trade Receivables


1. Receivables reflected in the balance sheet exist, are for valid transactions, Existence or occurrence
and include all authentic obligations of third parties to the entity Rights and obligations
2. Billings are for the correct amount and uncollectible accounts are promptly Existence or occurrence,
identified and provided for. The allowance for uncollectible accounts is Completeness, Valuation or
adequate allocation
3. Receivables are properly classified in the balance sheet between current and
noncurrent assets and disclosures are adequate with respect to assigned, Existence or occurrence,
pledged, unbilled, discounted and related-party receivables Completeness, Presentation
and disclosure
Audit Procedures Performed Workpaper

by Reference
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
3. Trace individual account balances in the aged trial balance to

individual subsidiary ledgers and vice versa
4. Trace balances included in individual confirmation requests to

subsidiary accounts.
5. Determine whether any accounts or notes receivable have been
pledged, assigned, or discounted
6. Determine the reasonableness and propriety of any other
reconciling items.
7. Test the arithmetical accuracy of the aged trial balance and the aging
categories therein.
8. Reconcile the total balance to the general ledger control
account balance.
9. Determine whether transactions were properly executed and

approved by an official of the company or the board of directors
10. Review subsequent collections of receivables

Audit Program for Advances to Suppliers


adequate allocation
and disclosure
Workpaper
Audit Procedures Performed by
Reference
1. Ask the supplier if there are any collection problems with

accounts
2. Compare the current year’s account balances with the prior
year’s account balances for due to suppliers
3. Determine the nature and purpose of the transaction that
resulted in the receivable balance
4. Trace balances included in individual confirmation requests
to subsidiary accounts

6. Determine the reasonableness and propriety of any other
reconciling items.
7. Evaluate the collectability of the balances outstanding
8. Reconcile the total balance to the general ledger control account

balance.
9. Trace the ending balance per the analysis to the trial balance as
of the balance-sheet date
Audit Program for Advances to Employees and Officers


adequate allocation
and disclosure

Reference
1. Ask the officers or employees if there are any collection problems
with receivable currently classified as current assets. If so,
consider whether such account should be reclassified to
noncurrent assets. Determine the officers plans for collection and
the probability that these efforts will be successful
2. Determine the nature and purpose of the transaction that
resulted in the receivable balance

4. Evaluate the collectability of the balances outstanding
5. Trace the ending balance per the analysis to the trial balance as
of the balance-sheet date
Audit Program for Accrued Interest Receivable


adequate allocation
and disclosure
Workpaper
Reference
1. Confirm receivables from related parties
2. Reconcile sub ledger to control account for receivables from

related parties
3. Examine return policy (evaluate expected/actual returns before

and after year-end and past returns at this time period)
4. Evaluate delinquent history of related parties
5. Read footnotes (disclosures about related party transactions)

Audit Program for Other Receivables


adequate allocation
and disclosure

Reference
1. Confirm receivables
2. Account for numerical of numbered documents
3. Inquire of management(discuss factoring and pledging)
4. Trace cash receipts early in subsequent period

Audit Program for Due from Related Party


adequate allocation
and disclosure

Reference
1. Confirm receivables from related parties
2. Reconcile sub ledger to control account for receivables from related

parties
3. Examine return policy (evaluate expected/actual returns

before and after year-end and past returns at this time period)
4. Evaluate delinquent history of related parties
5. Read footnotes (disclosures about related party transactions)

Audit Program for Held To Maturity Investment

Prepared by: PGM Date: September 21, 2016
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
Reference
1. Physically inspect derivative contracts, underlying

agreements, and any other forms of supporting
documentation.
2. Prepare and obtain a valuation allowances as of the

beginning and end of the period, and changes in valuation
allowances.
3. Detail of additions, sales, or disposals for the current

period.
4. Valuation allowances as of the beginning and end of the

period, and changes in valuation allowances.
5. Determine whether unrealized gains or losses have been

properly presented and disclosed in the financial
statements.
Audit Program for Inventories
Audit Program for Property, Plant & Equipment – Land Improvements

Prepared by: SMVDG Date: September 21, 2016
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 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
1. Verify title to land and buildings by inspection of title deeds, land

registry certificate, leases
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. Check calculation of profit or loss on sale of land and agree with
profit and loss account
5. Confirm the disclosure requirements

Audit Program for Property, Plant & Equipment – Accumulated Depreciation

Audit Objectives Financial Statement

Assertions
1. Property, machineries, furniture, fixtures and equipment
depreciation include those purchased, contributed, constructed
Completeness
in-house or by third parties, and leases meeting the criteria for
finance leases.
2. Property, machineries, furniture, fixtures and equipment
Existence or Occurrence
depreciation are recorded correctly as to account, amount, and
Completeness
period. Capital items are identified and distinguished from repairs
Rights and Obligations
and maintenance expense items.
3. Depreciation calculations are made and allocated using proper
Valuation or allocation
estimated useful lives and methods.
Workpaper
Reference
1. Prepare or obtain from the client a summary of fixed assets and

related depreciation showing the:
a. Depreciation methods and estimated depreciable lives.
b. Accumulated depreciation balance at the beginning of the
year
c. Current-year additions to accumulated depreciation accounts
d. Current-year reductions of the accumulated depreciation
accounts
e. Other current-year changes to the accumulated depreciation
accounts, (e.g., transfers, reclassifications)
f. Accumulated depreciation balance at the end of the year
2. Review depreciation methods and depreciable lives used and
determine if they are in accordance with IAS and consistently
used. Ask the client about any changes in methods and
procedures since the prior period.
3. Perform analytical procedures of provision for depreciation for the
current period by comparing it to the prior period, taking into
consideration estimated useful lives. If material, recompute
depreciation expense for individually significant items on a test
basis..
4. Scan the detailed asset listing to determine if the useful lives are
reasonable, and if depreciation methods are in accordance with
IAS.
5. Reconcile provision for depreciation as shown in the summary of
property and equipment in Item 2 above to the general ledger.
Audit Program for Property, Plant & Equipment – Accumulated Depreciation


Assertions
Buildings and improvements reflected in the balance sheet
physically exist and the entity has legal title or similar rights of Rights and Obligations
ownership to them.
Buildings and improvements include those that are purchased,
contributed, constructed in-house or by third parties, and leases Completeness
meeting the criteria for finance leases.
Buildings and 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 property and equipment are Existence or Occurrence
promptly identified and recorded correctly as to account, amount, Completeness
and period. Rights and Obligations
Depreciation calculations are made and allocated using proper
Workpaper
Reference

related depreciation showing the following information:
a. Classification of major classes of property such as land,
buildings, furniture and fixtures, machinery and equipment,
leasehold improvements, construction in progress, and leased
property under capital leases
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. For property additions that represent revaluations of fixed assets,
determine whether (1) the revaluation was made in accordance with
the decision of the government and (2) the calculations were made in
accordance with IAS 16.
3. Prepare or obtain from the client a listing of all property retirements
and disposals for the year in support of the total balance of assets,
showing (a) description of the asset retired or disposed of, (b) date
sold or disposed of, (c) date the asset was initially acquired, (d) asset
cost, (e) accumulated depreciation, (f) net carrying amount, (g) cash
or consideration received, (h) net gain or loss.
4. 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 – Construction In Progress


Assertions
Property reflected in the balance sheet physically exists (e.g., partial
part of the building) and the entity has legal title or similar rights of Rights and Obligations
ownership to them.
Property materials include those that are purchased, contributed,

Completeness
constructed in-house or by third parties.
Property materials additions are recorded correctly as to account, Existence or Occurrence

Workpaper
Reference

related depreciation showing classification of construction. Prepare or
obtain from the client a summary of fixed assets and related
depreciation showing construction in progress.
2. Substantiate the asset’s cost by examining supporting documentation
such as vendor invoices, purchase contracts, work orders and job
status reports for construction in progress.
3. Trace balances at the beginning of the year for costruction in

progress balances to current ending balances per the prior years’
working papers.
4. Consider obtaining confirmations from the contractor of pertinent

details of significant constructions in progress.
Audit Program for Property, Plant & Equipment – Laboratory Tools and Equipment
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
Retirements, trade-ins, and idle equipment are promptly identified Existence or Occurrence
and recorded correctly as to account, amount, and period. Completeness, R&O
Workpaper
Reference
a. Classification of major classes of equipment such as furniture
and fixtures, machinery and tools.
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
Financial Statement
Audit Objectives
Assertions
Office Furniture, Fixtures and equipment reflected in the balance sheet
physically exist and the entity has legal title or similar rights of ownership
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
Depreciation calculations are made and allocated using proper estimated
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
such as vendor invoices, purchase contracts, work orders.
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


Assertions
Plant, Machinery and Equipment reflected in the balance sheet
physically exist and the entity has legal title or similar rights of
ownership to them.
Plant, Machinery and Equipment include those that are purchased,
contributed, constructed in-house or by third parties, and leases Completeness
meeting the criteria for finance leases.
Plant, Machinery and Equipment additions are recorded correctly as Existence or Occurrence
to account, amount, and period. Capital items are identified and Completeness
distinguished from repairs and maintenance expense items. Rights and Obligations
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
3. Physically inspect significant assets and major additions, and agree serial
numbers with invoices or other supporting documents.
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
sheet physically exist and the entity has legal title or similar rights of
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
correctly as to account, amount, and period. Capital items are
Completeness
identified and distinguished from repairs and maintenance expense
items.
Performed Workpaper
Audit Procedures
by Reference
g. Classification of major classes of equipment such as furniture and
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
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
Financial Statement
Audit Objectives
Assertions
Balances of goodwill are being allocated to future periods and/or Completeness
realized in the ordinary course of business. Rights and obligations
Amortization or loss in value is recorded correctly
with respect to accounts, amounts, and periods.
Amortization methods and periods are reasonable and
systematic.
Goodwill with no continuing value are removed
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
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. For trademarks acquired in connection with the acquisition of

another company, determine that the allocation of the purchase
price is in accordance with IAS.
4. Reconcile amortization expense to the general ledger.
5. Evaluate whether any events or changes in circumstances have

occurred indicating that the carrying amount of trademarks may
not be recoverable and whether an impairment loss should be
recognized.
Audit Program for Intangible Assets - Trademarks

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
systematic.
Prepaid expenses, deferred charges, intangibles, and
other assets with no continuing value are removed Valuation or allocation
other assets are properly classified and presented in the
financial statements and adequate disclosures are made Presentation and disclosure
Workpaper
Audit Procedures
1. Compare current-period ending balance per the general ledger
to the prior-period balance and investigate any unusual
variations.

3. For trademarks acquired in connection with the acquisition of

another company, determine that the allocation of the purchase
price is in accordance with IAS.
4. Reconcile amortization expense to the general ledger.
5. Evaluate whether any events or changes in circumstances have

occurred indicating that the carrying amount of trademarks may
not be recoverable and whether an impairment loss should be
recognized.
Audit Program for Allowance for Write Down of Inventory

Prepared by: SPFR Date: September 21, 2016
Reviewed and Approved by: CMM Date : September 29, 2016
Financial Statement
Audit Objectives
Assertions
Amortization methods and periods are reasonable and Valuation or allocation
systematic.
Workpaper
Audit Procedures
1. Compare current-period ending balance per the general ledger to

the prior-period balance and investigate any unusual variations.
2. Compare actual amounts to budgeted amounts.
3. Review general ledger account activity and investigate any entries
which appear unusual.
4. Consider management policies about the correct balance of
allowance for write down of inventory.
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 allowance for write down of inventory balance
at the end of the period.
7. Review financial statements to determine whether allowance for
doubtful for write down of inventory are properly classified and
disclosed.
Audit Program for Unrealized Foreign Currency Loss
Financial Statement
Audit Objectives
Assertions

systematic.
Workpaper
Audit Procedures
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
Prepared by: SPR Date: September 21, 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
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

unusual variations.
3. Review financial statements to determine whether allowance for

doubtful accounts are properly classified and disclosed.
4. Review general ledger account activity and investigate any entries
which appear unusual
5. Consider management policies about the correct balance of
allowance for doubtful accounts
6. On a test basis, examine policies in force and agree terms and

coverage to detail information per the analysis.
7. Test the arithmetical accuracy of the analysis and determine the
reasonableness of the allowance for doubtful accounts balance at
the end of the period.
Audit Program for Excess of Contribution over Retirement
Prepared by: SPR Date: September 21, 2016
Financial Statement
1. Balances of prepaid expenses, deferred charges, intangibles,
Completeness
and other assets are being allocated to future periods and/or
realized in the ordinary course of business.
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
1. Compare current-period ending balance per the
general ledger to the prior-period balance and
investigate any unusual variations
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.
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
systematic.
Workpaper
Reference
unusual variations.
any entries which appear unusual.
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.
determine whether the prepaid balance at the end of the
period is appropriate.

accounts.
Audit Program for Net Operating Loss Carry Over

Financial Statement

systematic.
Performed Work paper

Audit Procedures
by Reference
unusual variations.
any entries which appear unusual
accounts.
5. On a test basis, examine policies in force and agree
terms and coverage to detail information per the analysis.
determine the reasonableness of net operating loss carry
over balance at the end of the period.
Audit Program for Deferred Tax Assets
Financial Statement
Balances of prepaid expenses, deferred charges,
Completeness
intangibles, and other assets are being allocated to
future periods and/or realized in the ordinary course of
business.
systematic.
Workpaper
Audit Procedures
unusual variations.
3. Reconcile property tax expense per the analysis to the
general ledger.
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.
8. Review journal entries made to the general ledger accounts.

Audit Program for Security Deposits
Financial Statement
Audit Objectives
Assertions
systematic.
Workpaper
Audit Procedures
unusual variations.
4. Determine the policies and agreements relating to security deposits

accounts.
Audit Program for Deposits on Utilities

Financial Statement
Audit Objectives
Assertions
systematic.
Performed Workpaper
Audit Procedures
by Reference
unusual variations.
2. On a test basis, examine insurance policies in force and
agree terms and coverage to detail information per the
analysis.
determine the reasonableness of deposits on utilities
balance at the end of the period.
accounts.
Audit Program for Returnable Containers

Financial Statement
Audit Objectives
Assertions
systematic.
Performed Workpaper
Audit Procedures
by Reference
unusual variations.
4. Determine the policies and agreements relating to
returnable containers
accounts.
Audit Program for Notes Payable

Financial Statement
Recorded debt obligations include all notes payable, long-term debt,
Completeness
finance lease obligations, and other debt equivalents.
Debt obligations and related expenses are authorized and recorded Completeness
correctly as to account, amount, and period. Rights and obligations
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
1. Compare current-period ending balance per the general ledger to
the prior-period balance and investigate any unusual variations.
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

Prepared by: SMDN Date: September 21, 2016
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
2. Review the listing for large debit balances and

determine their nature.
3. Confirmations should be sent to the vendors regardless

of the balance due at year end.
4. Vouch recorded payables to documentation.
5. Perform a search for unrecorded liabilities covering the
period from the balance-sheet date to the completion of
fieldwork
6. Reconcile accounts payable ledger with control account.
7. Purchases cutoff test to determine if goods for which
title has passed or not passed are appropriately
accounted for.
8. Cash disbursements cutoff test. Test if cash
disbursement and accounts payable reduction are
reconcilable. Inspect the last check written and trace it
to the accounts payable subsidiary ledger.
Performed Workpaper
Audit Procedures
by Reference
9. Trace subsequent payments to recorded payables.
10. Examine unpaid vendor invoices and receiving reports

and vouching of subsequent payment of the liability.
11. Inquire of management about the types of payables.
12. Ask the client about any amounts included in trade

accounts payable that have specified payment terms.
Consider reclassifying such liabilities to notes payable
and, if they are non-interest-bearing, consider whether
the amounts should be shown at their discounted
present value in the financial statements.
13. Recalculate accounts.
14. Compare the current year’s account balances with the
prior year’s account balances for gross payables and
purchase discounts.
15. Agree peso value of accounts payable to supporting
documents like suppliers’ invoices.
16. Determine that the method of estimation and significant
assumptions used are properly disclosed.
17. Inspect the financials. AP is a current liability and
Purchase is part of COGS.
18. Inquiry of management and scanning of footnotes.
19. Obtain information about the fair value of accounts

payable and determine that the valuation principles are
being consistently applied under GAAP.
Audit Program for Accrued Expense

Financial Statement
Audit Objectives
Assertions
Accrued liabilities reflected in the balance sheet include costs
Completeness
and expenses authorized, incurred, and for which benefit has
been received as of the balance sheet date
The basis and method of accrual are reasonable and

consistent with the prior period.. Valuation or allocation
Accrued liabilities are properly classified in the balance sheet

and adequate disclosures made in accordance with IAS. Presentation and disclosure
Workpaper
Audit Procedures
1. Compare current-period liability amounts to prior-period

balances and investigate unusual fluctuations
2. Regarding accrued payroll, compare amounts accrued

as of the balance-sheet date to subsequent payments
made.
3. Review compensation agreements.
4. Confirm with certain vendors the vendors’ sales invoice.

6. Ask the client about any amounts included in accrued
expenses incurred that have specified payment terms.
8. On a test basis, recompute the client’s calculation of
accumulated but unused annual leave and determine
overall reasonableness of the accrual recorded as of the
balance-sheet date.
Workpaper
Reference
11. Obtain information about the fair value of accrued

liabilities and determine that the valuation principles are
being consistently applied under GAAP.

13. Inspect the financials.
15. Obtain a management representation letter with

assertions relating to accrued expenses. documents like
suppliers’ invoices.
Audit Program for Withholding Tax Payables

Financial Statement
Audit Objectives
Assertions
Withholding tax payable reflected in the balance sheet include
Completeness
amount authorized and computed as per employee and the
employer is involved.
The withholding taxes payable are properly allocated and

computed based on a tabular format. Valuation or allocation
Withholding tax payable are properly classified in the balance

sheet and adequate disclosures made in accordance with Presentation and disclosure
IAS.
Performed Workpaper
Audit Procedures
by Reference
1. Determine if debt incurred in the current period was

authorized by the appropriate person.
2. Obtain knowledge with regards to number of employees in

the organization
3. Obtain information about the previous remittances maid

by the management.
6. Obtain information about the fair value of such liabilities
and determine that the valuation principles are being
consistently applied under GAAP.
assertions relating to withholding taxes.
Audit Program for Provisions
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.
To determine that provisions for estimated losses are properly

allocated and computed. Valuation or allocation
To know that Provisions account is classified in the balance

sheet and adequate disclosures made in accordance with IAS. Presentation and disclosure
Performed Workpaper
Audit Procedures
by Reference
1. Review the test or process used by the management in

estimating the provisions
2. Inquire with the management regarding the recording of

such provisions in the balance sheet if it is consistent
with prior period provisions.
5. Test the mathematical arithmetic accuracy of the said
account balance.
7. Determine the proper recognition of provisions
assertions relating to provisions for estimated losses
Audit Program for Income Tax Payable

Prepared by: BLAM Date: September 21, 2016
Financial Statement
Audit Objectives
Assertions
To determine if Income tax payable exist and occur during the
Completeness
year income was earned, its composition and the ability of the
entity to incur such obligations
To determine that income tax payable are properly allocated

and computed. Valuation or allocation
Income tax payable are properly classified in the balance

sheet and adequate disclosures made in accordance with Presentation and disclosure
IAS.
Workpaper
Audit Procedures
1. Obtain sufficient information from the management

regarding existence of income tax payable.
2. Trace the tax return provided in the BIR
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.
Audit Program for Due to Related Parties

Prepared by: SMDN Date: September 21, 2016
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
To determine whether the payments are in accordance with

plan provisions and related documents Completeness
To determine whether payments are made to or on behalf of

the persons entitled to them and only to such persons Rights and Obligation
To determine whether the amounts due the plan have been

Valuation or Allocation
properly identified, valued, recorded.
Workpaper
Audit Procedures
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.
5. Verifying if the transactions have been appropriately

accounted for and identify sources of contribution rates.
Audit Program for Share Capital

Financial Statement
Audit Objectives
Assertions
Share Capital transactions are authorized and recorded
Completeness
correctly as to account, amount, and period and give
effect to all transactions such as stock issuance,
Valuation and Allocation
repurchases, retirements, dividends, etc.
Share Capital accounts are properly presented in the balancesheet

and adequate disclosures are made in accordance with IAS
including appropriations, restrictions, preferences, and Presentation and Disclosure
commitments.
Workpaper
Audit Procedures
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.
5. Request confirmations from independent registrar/stock

transfer agent of the number of shares authorized, issued,
and outstanding.
6. Identify and confirm stock subscriptions receivable, and

determine if amount is shown as a reduction of
stockholders’ equity on the balance sheet.
Audit Program for Retained Earnings

Financial Statement
Audit Objectives
Assertions
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
Equity accounts are properly presented in the balance sheet and

adequate disclosures are made in accordance with IAS including Presentation and disclosure
appropriations, restrictions, preferences, and commitments.
Workpaper
Audit Procedures
1. Test the mathematical accuracy of the analysis. Trace the

beginning balance to the balance sheet of the prior period.
2. Investigate the nature of any prior-period adjustments.
3. Trace authorization for dividends declared or paid to

minutes of shareholders meetings and/or meetings of the
representative governing board, and examine the
supporting documentation for dividends paid.
4. Examine the supporting documentation and authorization
for all other transactions in retained earnings.
5. Determine the extent and nature of any restrictions or

appropriations of retained earnings.

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Audit Program for Cash in Bank

Legal Company Name Client: Century Pacific Food Inc.

Audit Objectives Assertions

Audit Procedures Workpaper

2. Test cutoff by obtaining cutoff bank statements directly from

3. Determine if all receipts and disbursements per books are

6. Verify mathematical accuracy of recorded cash balances by

9. Review if Cash in bank is properly classified

Legal Company Name Client: Century Pacific Food Inc.

Audit Objectives Assertions

Audit Procedures Performed by Workpaper

1. Prepare or obtain from the client a listing of all cash

2. Test the arithmetical accuracy of the bank statement

3. Confirm year-end cash balances with all banks and

Legal Company Name Client: Century Pacific Food Inc.

Audit Objectives Assertions

Audit Procedures Workpaper

2. Test cutoff by obtaining cutoff bank statements directly from

3. Determine if all receipts and disbursements per books are

8. Review if Cash in bank is properly classified

Legal Company Name Client: Century Pacific Food Inc.

Audit Objectives Assertions

Audit Procedures Performed Workpaper

3. Trace individual account balances in the aged trial balance to

4. Trace balances included in individual confirmation requests to

9. Determine whether transactions were properly executed and

10. Review subsequent collections of receivables

Legal Company Name Client: Century Pacific Food Inc.

Audit Objectives Assertions

1. Ask the supplier if there are any collection problems with

5. Determine whether transactions were properly executed and

7. Evaluate the collectability of the balances outstanding

8. Reconcile the total balance to the general ledger control account

Legal Company Name Client: Century Pacific Food Inc.

Audit Objectives Assertions

Audit Procedures Performed by Workpaper

3. Determine whether transactions were properly executed and

4. Evaluate the collectability of the balances outstanding

Legal Company Name Client: Century Pacific Food Inc.

Audit Objectives Assertions

1. Confirm receivables from related parties

2. Reconcile sub ledger to control account for receivables from

3. Examine return policy (evaluate expected/actual returns before

4. Evaluate delinquent history of related parties

5. Read footnotes (disclosures about related party transactions)

Legal Company Name Client: Century Pacific Food Inc.

Audit Objectives Assertions

Audit Procedures Performed by Workpaper

2. Account for numerical of numbered documents

3. Inquire of management(discuss factoring and pledging)

4. Trace cash receipts early in subsequent period

5. Review subsequent collections of receivables

Legal Company Name Client: Century Pacific Food Inc.

Audit Objectives Assertions

Audit Procedures Performed by Workpaper

1. Confirm receivables from related parties

2. Reconcile sub ledger to control account for receivables from related

3. Examine return policy (evaluate expected/actual returns

4. Evaluate delinquent history of related parties

5. Read footnotes (disclosures about related party transactions)

Legal Company Name Client: Century Pacific Food Inc.

1. Physically inspect derivative contracts, underlying

2. Prepare and obtain a valuation allowances as of the