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AUDITING
AUDIT
The
BASIC TYPE OF
AUDIT
Financial
Non
Audit
Financial Audit
Financial
Audit
- Address questions
of accounting,
recording and
reporting of financial
transactions.
Reviewing the
adequacy of internal
control also falls
within the scope of
financial audit.
INTERNAL AUDIT
VS. EXTERNAL
WHAT IS INTERNAL
AUDIT?
INTERNAL AUDITING
Is an independent,
objectives
by
bringing a systematic,
disciplined approach to evaluate and improve the
effectiveness of risk management, control and
governance processes
INTERNAL AUDITING
THE PURPOSE OF
INTERNAL
Eyes and Ears
AUDITING
Policeman
Watchdog
Consultant
CONTRO
L
Control is defined as the policies,
procedures,
practices
and
organizational structures designed to
provide reasonable assurance that
business objectives will be achieved
and that undesired events will be
prevented or detected and corrected.
WHY DO WE NEED
CONTROLS?
If
everything
seems under
control, you
are not going
fast enough.
AUDIT
PROCEDURES
AUDIT OF
CASH RECEIPTS
COLLECTOR
Obtain list of official receipts issued to collector/s.
If official receipts are complete, trace used/issued official receipts
if properly and completely recorded to the collectors cash book.
If official receipt was cancelled, attach the original copy to the OR
booklet and it must be verified by the bookkeeper.
Verify series of official receipts. Series should be complete.
Should be chronologically used/issued
Verify
CASHIER/TREASU
Obtain list of official receipts issued to
RER
collector/s.
If
Should
be chronologically used/issued.
Verify amount in words and in figures.
Calculate total collections.
Verify if total collections are remitted in-tact
to the bank.
There should be no splitting of remittance.
There should be no delay in remittance.
Verify validated deposit slip if are recorded to
the passbook.
BOOKKEEPER
Cash
Traced
AUDIT OF
CASH
All Disbursements should be in accordance
DISBURSEME
with the CIAs policy (e.g. amount of
honorarium, per diem, remittance to NIA, etc.)
NT
If possible, all disbursement should be made in
All
Calculate
total disbursements
for the months and trace if
properly recorded to the cash
disbursement books.
CHARACTER
INTEGRITY
Whoever
QUESTIONS
SHOULD BE CHRONOLOGICALLY
USED/ISSUED