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    SEECS Auditing and Consultancy Services: Audit Procedures

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    Kathleen
    1. The document provides an audit program for loans and receivables of the Bankerohan Vendor's Credit Cooperative for January 1 to June 30, 2019. 2. The audit objectives are to verify compliance with credit policies, evaluate loan documentation, check that credit limits follow share capital amounts, and ensure loan approvals are properly authorized. 3. The audit procedures will assess completeness, existence, rights and obligations, and presentation/disclosure of loans and receivables.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    SEECS Auditing and Consultancy Services: Audit Procedures

    Uploaded by

    Kathleen
    54 views2 pages
    1. The document provides an audit program for loans and receivables of the Bankerohan Vendor's Credit Cooperative for January 1 to June 30, 2019. 2. The audit objectives are to verify compliance with credit policies, evaluate loan documentation, check that credit limits follow share capital amounts, and ensure loan approvals are properly authorized. 3. The audit procedures will assess completeness, existence, rights and obligations, and presentation/disclosure of loans and receivables.

    Original Title

    Audit-Program-Loan-Receivable

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    1. The document provides an audit program for loans and receivables of the Bankerohan Vendor's Credit Cooperative for January 1 to June 30, 2019. 2. The audit objectives are to verify compliance with credit policies, evaluate loan documentation, check that credit limits follow share capital amounts, and ensure loan approvals are properly authorized. 3. The audit procedures will assess completeness, existence, rights and obligations, and presentation/disclosure of loans and receivables.

    Copyright:

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

    SEECS Auditing and Consultancy Services: Audit Procedures

    Uploaded by

    Kathleen
    1. The document provides an audit program for loans and receivables of the Bankerohan Vendor's Credit Cooperative for January 1 to June 30, 2019. 2. The audit objectives are to verify compliance with credit policies, evaluate loan documentation, check that credit limits follow share capital amounts, and ensure loan approvals are properly authorized. 3. The audit procedures will assess completeness, existence, rights and obligations, and presentation/disclosure of loans and receivables.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    SEECS Auditing and

    Consultancy Services
    3rd floor, BE building, Room 329, Matina,
    Bankerohan Vendor’s Credit Cooperative
    AUDIT PROGRAM
    FOR THE PERIOD
    January 1 to June 30, 2019

    Compliance Audit - Loans and Receivable

    Account Description: These refer to financial assets with fixed or determinable


    payments that are not quoted in an active market. A receivable is recognized for the
    difference between the gross receivable and the related unearned interest income.

    Audit Objectives:
    1. To verify whether the credit policy are duly followed.
    2. To validate whether loan documentation is adequate and in compliance with the
    requirements.
    3. To check whether the cooperative strictly follow the credit limit base on the share
    capital of the members.
    4. To check if the approval of loan applications are properly authorized.

    Assertions: Completeness (C), Existence or Occurrence (EO), Rights and Obligations


    (RO), Presentation and Disclosure (PD).

    TIME
    ASSERTION

    AUDIT FRAME
    TO
    WP
    FS

    PROCEDURES Ref
    BE
    DONE REMARKS
    BY DATE DATE
    STARTED COMPLETED

    1.1 Understand the credit policy of


    the cooperative.
    1.2 Observe the process of credit
    approval to the cooperative’s
    members.
     Check whether the
    requirements that were
    submitted are complete
    and are properly
    documented.
    2.1 Obtain a lists of members who
    applied for the loan.
     Randomly select a
    number of members.
     Check if the attached
    documents are
    complete.
    3.1 Check the type of loan applied
    from the randomly selected
    population.
    SEECS Auditing and
    Consultancy Services
    3rd floor, BE building, Room 329, Matina,

    TIME

    ASSERTION
    AUDIT FRAME
    TO
    WP

    FS
    PROCEDURES Ref
    BE
    DONE REMARKS
    BY DATE DATE
    STARTED COMPLETED

    3.2 Obtain a list of the share capital


    contributed by the members of the
    cooperative.
     Verify whether the credit limit
    is followed based on the
    share capital of the member.
    4.1 Obtain a copy of organizational
    chart.
     Determine the staff who is
    responsible for the approval
    of the loan.
     Check if loan application
    forms are properly
    authorized by the personnel
    in-charge.

    Prepared by: Reviewed by: Approved by:

    Emmalie Jaene B. Gallora Shanice Dawn F. Gaban Kathleen Absin-Frondozo


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

    Emmalie Shaene B. Gallora


    Audit Team Member
    Date:

    Christine Joy D. Remoroza


    Audit Team Member
    Date:

    Shaira R. Sacramento
    Audit Team Member
    Date:

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