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    Audit Program - LR

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    Kathleen
    This document outlines an audit program for loans and receivables for First Community Cooperative for the period of January 1 to December 31, 2018. The audit objectives are to assess the efficiency of the cooperative's collection process. The audit will verify expected collections, compare actual collections to expected amounts, and check accomplishment reports to ensure expected collections are being met.

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    Audit Program - LR

    Uploaded by

    Kathleen
    163 views2 pages
    This document outlines an audit program for loans and receivables for First Community Cooperative for the period of January 1 to December 31, 2018. The audit objectives are to assess the efficiency of the cooperative's collection process. The audit will verify expected collections, compare actual collections to expected amounts, and check accomplishment reports to ensure expected collections are being met.

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    This document outlines an audit program for loans and receivables for First Community Cooperative for the period of January 1 to December 31, 2018. The audit objectives are to assess the efficiency of the cooperative's collection process. The audit will verify expected collections, compare actual collections to expected amounts, and check accomplishment reports to ensure expected collections are being met.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    163 views2 pages

    Audit Program - LR

    Uploaded by

    Kathleen
    This document outlines an audit program for loans and receivables for First Community Cooperative for the period of January 1 to December 31, 2018. The audit objectives are to assess the efficiency of the cooperative's collection process. The audit will verify expected collections, compare actual collections to expected amounts, and check accomplishment reports to ensure expected collections are being met.

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    © All Rights Reserved
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    First Community Cooperative

    AUDIT PROGRAM
    FOR THE PERIOD
    January 1 to December 31, 2018

    Performance Audit - Loans and Receivables, Current Account

    Account Description: This account is used in the general ledger of a lender, containing the
    current balance of all loans owed to it by borrowers.

    Audit Objectives: To assess the efficiency in the collection process of the cooperative.

    Assertions: Completeness (C), Existence or Occurrence (EO), Valuation or Measurement


    (VM).

    TIME

    ASSERTION
    AUDIT TO
    FRAME
    FS
    WP
    PROCEDURES Ref
    BE
    DON REMARKS
    E DATE DATE
    BY STARTED COMPLETED

    1. To determine the expected collection for


    the period-end. EO

     Ask for forecasted collection report.


     Ask for the period-end loans
    receivable report from which to
    check the total to the amount in the C
    loans receivable account.

    2. To compare the actual collection with the


    expected collection. VM

     Match the loan application date with


    the company’s records. VM
    TIME

    ASSERTION
    AUDIT TO
    FRAME

    FS
    WP
    PROCEDURES Ref
    BE
    DON REMARKS
    E DATE DATE
    BY STARTED COMPLETED

    3. To verify whether the expected


    collections are being met through C
    checking their accomplishment
    report.

     Ask for a copy of their


    accomplishment report.

    Prepared by: Reviewed by: Approved by:

    Leah Corina Alolor Renaline Vismanos Kathleen Absin-Frondozo


    Audit Team Member Audit Team Leader Supervising Auditor/Adviser
    Date: Date: Date:

    Roselle Mae Baguio


    Audit Team Member
    Date:

    Marviluz Banzuelo
    Audit Team Member
    Date:

    Alexa Marie C. Cabangon


    Audit Team Member
    Date:

    Tahani Abdullah Dipangampong


    Audit Team Member
    Date:

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