Work Program
- Submitted by: rash1234
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- Category: English: Authors
- Date Submitted: 08/28/2012 11:20 AM
- Pages: 10
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| | AUDIT OBJECTIVES | | | |
| | | | | | |
| | To determine whether: | | | |
| | | | | | |
| | A. | All expenses are properly authorized, recorded and represent all amounts incurred by the entity during the period for business purposes. | | | |
| | B. | All expenses are properly described and classified, and adequate disclosures with respect to these amounts have been made in the financial statements. | | | |
| | C. | Expenses incurred during the year were in accordance with the objects of the Company. | | | |
| | | | | | |
| | SUBSTANTIVE PROCEDURES | | | |
| | | | | | |
| | 1. Overall Analytical Review | | | |
| | | | | | |
| | 1.1 | Compare individual account balances with those of the prior year, and with current year budget (if available), and obtain explanation for any unusual or significant variations. | | | |
| | 1.2 | Have the client prepare a schedule listing significant expenditures under appropriate heads. | | | |
| | 1.4 | Document the sampling rationale, which should be representative both in terms of value and volume of transactions. | | | |
| | 1.5 | Ensure that recovery of expenses has been separately shown as a deduction from total expenses. | | | |
| | 1.6 | Compare analytical review for expenses and income at interim date with yearend position for major changes and their reasons. | | | |
| | | | | | |
| | 2. Payroll Expense | | | |
| | | | | | |
| | 2.1 | Obtain details of each significant category of employee compensation (per the payroll register) and significant payroll-related expenses (by month between years). | | | |
| | 2.2 | Trace selected amounts to the payroll register and to prior year working papers other than those tested in payroll cycle. | | | |
| | 2.3 | Investigate significant fluctuations in amounts. Consider whether they may be indicative of potential...
| | | | | | |
| | To determine whether: | | | |
| | | | | | |
| | A. | All expenses are properly authorized, recorded and represent all amounts incurred by the entity during the period for business purposes. | | | |
| | B. | All expenses are properly described and classified, and adequate disclosures with respect to these amounts have been made in the financial statements. | | | |
| | C. | Expenses incurred during the year were in accordance with the objects of the Company. | | | |
| | | | | | |
| | SUBSTANTIVE PROCEDURES | | | |
| | | | | | |
| | 1. Overall Analytical Review | | | |
| | | | | | |
| | 1.1 | Compare individual account balances with those of the prior year, and with current year budget (if available), and obtain explanation for any unusual or significant variations. | | | |
| | 1.2 | Have the client prepare a schedule listing significant expenditures under appropriate heads. | | | |
| | 1.4 | Document the sampling rationale, which should be representative both in terms of value and volume of transactions. | | | |
| | 1.5 | Ensure that recovery of expenses has been separately shown as a deduction from total expenses. | | | |
| | 1.6 | Compare analytical review for expenses and income at interim date with yearend position for major changes and their reasons. | | | |
| | | | | | |
| | 2. Payroll Expense | | | |
| | | | | | |
| | 2.1 | Obtain details of each significant category of employee compensation (per the payroll register) and significant payroll-related expenses (by month between years). | | | |
| | 2.2 | Trace selected amounts to the payroll register and to prior year working papers other than those tested in payroll cycle. | | | |
| | 2.3 | Investigate significant fluctuations in amounts. Consider whether they may be indicative of potential...