1 Cash and Cash Equivalent

Internal Control for Cash and Cash Equivalents

Internal Audit Procedure
Illustrative Problem
1 Bank Reconciliation
2 Petty Cash Fund
3 Classification and Composition of Cash and Cash Equivalent
(How Cash can be considered or classified as Cash)_
2 Marketable Securities
Kinds of Marketable Securities and how they are being classified (EX Trading Secudities
Debt Securities, Equity Securities)
1 Internal Control for Marketable Securities
2 Internal Audit Procedures
Illustrative Problem
Trading Secutiries
Available for Sale Securities
May isa hanapin Profit and Loss
3 Receivable (Trade and Non Trade-Distinguish)
Internal Control System
Audit Procedure
Illutraive Problems:
Computation of Allowance or Bad Debts Using Aging Receivables
Classification of Accounts Receivable
Presentation of Receivables
Illutrative problems: Simple only
Assignment
Factoring
Discounting
Pledging
4 Inventories Distinguish Merchandising and Manufacturing
Internal Control
Internal Audit Procedures
Illustrative Problem
Valuation
Fire Loss
FIFO, Average, Specific Identification
Inventoryu List required by BIR
5 Prepaid Expenses:
Internal Control System
Internal Audit Procedure
Illustrative Problem in Different Prepaid Expense at least 3
6 Investments
Internal Control System
Internal Audit Procedure
 Illustrative Problem in Investment
non Current at least 3 Problems
7 PPE
Internal Control System
Internal Audit Procedure
Illustrative Problem
Classification
Depreciation Computation
Change in Life span and Method of Depreciation

8 Current Liabilities Internal Control System

Internal Audit Procedure
Illustrative Problem
Classification
AT least 3 difference kinds of Problems in Current Liabilities
9 Non Current Liabilities
Internal Control System 1 Lea Ocasla Cash
Internal Audit Procedure 2 Canlas Marketable Securities
Illustrative Problem 3 De La Rosa Receivables
Bonds 4 Chaves Inventories
5 Mabelen Prepaid Expense
10 Stockholders Equity 6 Villanueva PPE
Internal Control System 7 Ordona Investments
Internal Audit Procedure 8 Robles Current Liabilities
Illustratrive Problems 9 Merto Non Current Liabilites
10 Lea Ocasla Stockholers Equity
Marketable Securities
Receivables
Inventories
Prepaid Expense

Investments
Current Liabilities
Non Current Liabilites
Stockholers Equity