AUDITING PRACTICE: AUDIT PROGRAM

Name of Organization: Accountancy Department Student Organization

Overall Audit Objective: To express an opinion whether the financial statements are
fairly presented in accordance to the rules and regulations set by the Philippine
Standards of Auditing.

Area Audit Objective Audit Procedure Time Frame

2020
Understanding To obtain sufficient Determine the
of the client knowledge on the officers of the
and its organization’s significant organization and Feb 8
environment transactions /eventsand their respective roles
management and responsibilities.
performances.
Identify threats, To evaluate the integrity Obtain financial
risks and and auditability of the statements of the February 14
appropriate organization's financial organization on prior
safeguards. statements. periods
Drafting and To issue an engagement Create an
issuance of letter agreeable on both engagement letter
engagement client and the auditor. containing terms
letter. between the parties February 17
including auditor
and management’s
responsibility, audit
risk, financial
reporting framework
used, objective and
scope of the audit.
Conducting of To verify if officers follow Inquiry and
interview their given roles and observation on the
responsibilities. respective officers if March 5
To assess risks on they know their
 transactions within the responsibilities.
entity.
Review of To determine Obtain complete set
organization's completeness and of financial
records correctness of statements of the March 7-9
documents and records organization with
of the organization. supporting
documents to verify
fair presentation and
reliability.
Field Audit Ascertain cash balances Inspect cash opening
are properly balance, prepare a
accumulated and bank reconciliation,
recorded. ensure cash receipts
and cash
disbursement are March 11-12
promptly and
accurately recorded.
Observe physical
inventories to
determine existence,
Ascertain inventories in good condition
recorded are existing, and safeguarded
complete and in good against access of
condition. unauthorized
persons and
protected against
deterioration.
Physically inspect
the assets and verify
acquisitions or
Ascertain property and disposals to be
equipment physically recorded.
exists and owned by the
 organization.
Review and To obtain sufficient Issue an opinion
complete audit evidence and provide an based on
report opinion towards accumulated March 16
financial statements evidences.
audited.
Communicatio To communicate results Provide copies of
n of audit of audit report to the audit report and
report organization. conduct a meeting April 13
on the results of
audit.
Post audit To assess and evaluate Performs procedures
the quality of services of to identify areas of April 30
the auditor. improvement in the
current and future
engagements.