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    Annex E - ARAPT (Filled Out)

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    Gregor Clegane
    This document is an audit risk assessment and planning tool for Agency XYZ that assesses inherent risk, control risk, and risk of material misstatement for significant accounts and processes. It identifies cash-collecting officers, cash in bank for local currency in current and savings accounts, loans receivables for GOCCs, and interest receivables as significant accounts that involve assessing risks at the assertion level for existence/occurrence, completeness, accuracy, rights and obligations, presentation and disclosure, compliance, cutoff, classification, and valuation and allocation. The document was prepared by an individual, reviewed by another, and approved by a third person.

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

    Annex E - ARAPT (Filled Out)

    Uploaded by

    Gregor Clegane
    16 views14 pages
    This document is an audit risk assessment and planning tool for Agency XYZ that assesses inherent risk, control risk, and risk of material misstatement for significant accounts and processes. It identifies cash-collecting officers, cash in bank for local currency in current and savings accounts, loans receivables for GOCCs, and interest receivables as significant accounts that involve assessing risks at the assertion level for existence/occurrence, completeness, accuracy, rights and obligations, presentation and disclosure, compliance, cutoff, classification, and valuation and allocation. The document was prepared by an individual, reviewed by another, and approved by a third person.

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    This document is an audit risk assessment and planning tool for Agency XYZ that assesses inherent risk, control risk, and risk of material misstatement for significant accounts and processes. It identifies cash-collecting officers, cash in bank for local currency in current and savings accounts, loans receivables for GOCCs, and interest receivables as significant accounts that involve assessing risks at the assertion level for existence/occurrence, completeness, accuracy, rights and obligations, presentation and disclosure, compliance, cutoff, classification, and valuation and allocation. The document was prepared by an individual, reviewed by another, and approved by a third person.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    16 views14 pages

    Annex E - ARAPT (Filled Out)

    Uploaded by

    Gregor Clegane
    This document is an audit risk assessment and planning tool for Agency XYZ that assesses inherent risk, control risk, and risk of material misstatement for significant accounts and processes. It identifies cash-collecting officers, cash in bank for local currency in current and savings accounts, loans receivables for GOCCs, and interest receivables as significant accounts that involve assessing risks at the assertion level for existence/occurrence, completeness, accuracy, rights and obligations, presentation and disclosure, compliance, cutoff, classification, and valuation and allocation. The document was prepared by an individual, reviewed by another, and approved by a third person.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    You are on page 1of 14

    Materiality

    Annex E – ARAPT Template

    AUDIT RISK ASSESSMENT AND PLANNING TOOL

    Agency: Agency XYZ Prepared by: xxx Date: xxx

    Region: xxx Reviewed by: xxx Date: xxx

    Audit Period: January – December 2017 Approved by: xxx Date: xxx

    A. FINANCIAL AND COMPLIANCE


    Inherent Risk Risk of Material
    Significant Account/ Critical Extent of audit Person ATS
    Assertion Control Risk (CR) Misstatement Timing
    Process procedures Days Ref.
    (IR) (RMM)

    Cash-Collecting Officers Existence/Occurrence xxx xxx xxx


    Low Low – Rely on Controls Minimal Minimal

    Completeness
    High High – Not rely on Controls Low Extensive

    Accuracy Justification: Justification:


    Moderate

    Rights and Obligations xxx xxx


    High

    Presentation & Disclosure

    Compliance

    Cutoff

    Classification

    1 – Annex E
    Materiality
    Annex E – ARAPT Template

    Inherent Risk Risk of Material


    Significant Account/ Critical Extent of audit Person ATS
    Assertion Control Risk (CR) Misstatement Timing
    Process procedures Days Ref.
    (IR) (RMM)

    Valuation and Allocation

    Cash in Bank-Local Currency, Existence/Occurrence xxx xxx xxx


    Low Low – Rely on Controls Minimal Minimal
    Current Accounts
    Completeness
    High High – Not rely on Controls Low Extensive

    (Above performance materiality) Accuracy Justification: Justification:


    Moderate

    Rights and Obligations xxx xxx


    High

    Presentation & Disclosure

    Compliance

    Cutoff

    Classification

    Valuation and Allocation

    Cash in Bank – Local Currency, Existence/Occurrence xxx xxx xxx


    Low Low – Rely on Controls Minimal Minimal
    Savings Account
    Completeness
    High High – Not rely on Controls Low Extensive

    (Above performance materiality) Accuracy Justification: Justification:


    Moderate

    Rights and Obligations xxx xxx


    High

    2 – Annex E
    Materiality
    Annex E – ARAPT Template

    Inherent Risk Risk of Material


    Significant Account/ Critical Extent of audit Person ATS
    Assertion Control Risk (CR) Misstatement Timing
    Process procedures Days Ref.
    (IR) (RMM)

    Presentation & Disclosure

    Compliance

    Cutoff

    Classification

    Valuation and Allocation

    Loans Receivables – GOCCs Existence/Occurrence xxx xxx xxx


    Low Low – Rely on Controls Minimal Minimal

    Completeness
    (Above performance materiality) High High – Not rely on Controls Low Extensive

    Accuracy Justification: Justification:


    Moderate

    Rights and Obligations xxx xxx


    High

    Presentation & Disclosure

    Compliance

    Cutoff

    Classification

    Valuation and Allocation

    Interest Receivables Existence/Occurrence xxx xxx xxx


    Low Low – Rely on Controls Minimal Minimal

    3 – Annex E
    Materiality
    Annex E – ARAPT Template

    Inherent Risk Risk of Material


    Significant Account/ Critical Extent of audit Person ATS
    Assertion Control Risk (CR) Misstatement Timing
    Process procedures Days Ref.
    (IR) (RMM)

    Completeness
    High High – Not rely on Controls Low Extensive

    (Above performance materiality) Accuracy Justification: Justification:


    Moderate

    Rights and Obligations xxx xxx


    High

    Presentation & Disclosure

    Compliance

    Cutoff

    Classification

    Valuation and Allocation

    Due from Officers and Employees Existence/Occurrence xxx xxx xxx


    Low Low – Rely on Controls Minimal Minimal

    Completeness
    High High – Not rely on Controls Low Extensive
    (Above performance materiality)
    Accuracy Justification: Justification:
    Moderate

    Rights and Obligations xxx xxx


    High

    Presentation & Disclosure

    Compliance

    4 – Annex E
    Materiality
    Annex E – ARAPT Template

    Inherent Risk Risk of Material


    Significant Account/ Critical Extent of audit Person ATS
    Assertion Control Risk (CR) Misstatement Timing
    Process procedures Days Ref.
    (IR) (RMM)

    Cutoff

    Classification

    Valuation and Allocation

    Advances to Special Disbursing Existence/Occurrence xxx xxx xxx


    Low Low – Rely on Controls Minimal Minimal
    Officers
    Completeness
    High High – Not rely on Controls Low Extensive

    Accuracy Justification: Justification:


    Moderate

    Rights and Obligations xxx xxx


    High

    Presentation & Disclosure

    Compliance

    Cutoff

    Classification

    Valuation and Allocation

    Other Receivables Existence/Occurrence xxx xxx xxx


    Low Low – Rely on Controls Minimal Minimal

    Completeness
    High High – Not rely on Controls Low Extensive
    (Above performance materiality)

    5 – Annex E
    Materiality
    Annex E – ARAPT Template

    Inherent Risk Risk of Material


    Significant Account/ Critical Extent of audit Person ATS
    Assertion Control Risk (CR) Misstatement Timing
    Process procedures Days Ref.
    (IR) (RMM)

    Accuracy Justification: Justification:


    Moderate

    Rights and Obligations xxx xxx


    High

    Presentation & Disclosure

    Compliance

    Cutoff

    Classification

    Valuation and Allocation

    Office Supplies Inventory Existence/Occurrence xxx xxx xxx


    Low Low – Rely on Controls Minimal Minimal

    Completeness
    High High – Not rely on Controls Low Extensive

    Accuracy Justification: Justification:


    Moderate

    Rights and Obligations xxx xxx


    High

    Presentation & Disclosure

    Compliance

    Cutoff

    6 – Annex E
    Materiality
    Annex E – ARAPT Template

    Inherent Risk Risk of Material


    Significant Account/ Critical Extent of audit Person ATS
    Assertion Control Risk (CR) Misstatement Timing
    Process procedures Days Ref.
    (IR) (RMM)

    Classification

    Valuation and Allocation

    Investments Existence/Occurrence xxx xxx xxx


    Low Low – Rely on Controls Minimal Minimal

    Completeness
    High High – Not rely on Controls Low Extensive

    Accuracy Justification: Justification:


    Moderate

    Rights and Obligations xxx xxx


    High

    Presentation & Disclosure

    Compliance

    Cutoff

    Classification

    Valuation and Allocation

    Office Buildings Existence/Occurrence xxx xxx xxx


    Low Low – Rely on Controls Minimal Minimal

    Completeness
    High High – Not rely on Controls Low Extensive
    (Above performance materiality)
    Accuracy Justification: Justification:
    Moderate

    xxx xxx

    7 – Annex E
    Materiality
    Annex E – ARAPT Template

    Inherent Risk Risk of Material


    Significant Account/ Critical Extent of audit Person ATS
    Assertion Control Risk (CR) Misstatement Timing
    Process procedures Days Ref.
    (IR) (RMM)

    Rights and Obligations


    High

    Presentation & Disclosure

    Compliance

    Cutoff

    Classification

    Valuation and Allocation

    Office Equipment, Furniture and Existence/Occurrence xxx xxx xxx


    Low Low – Rely on Controls Minimal Minimal
    Fixtures
    Completeness
    High High – Not rely on Controls Low Extensive

    Accuracy Justification: Justification:


    Moderate

    Rights and Obligations xxx xxx


    High

    Presentation & Disclosure

    Compliance

    Cutoff

    Classification

    8 – Annex E
    Materiality
    Annex E – ARAPT Template

    Inherent Risk Risk of Material


    Significant Account/ Critical Extent of audit Person ATS
    Assertion Control Risk (CR) Misstatement Timing
    Process procedures Days Ref.
    (IR) (RMM)

    Valuation and Allocation

    Restricted Fund Existence/Occurrence xxx xxx xxx


    Low Low – Rely on Controls Minimal Minimal

    Completeness
    High High – Not rely on Controls Low Extensive

    Accuracy Justification: Justification:


    Moderate

    Rights and Obligations xxx xxx


    High

    Presentation & Disclosure

    Compliance

    Cutoff

    Classification

    Valuation and Allocation

    Long-Term Loans Receivables Existence/Occurrence xxx xxx xxx


    Low Low – Rely on Controls Minimal Minimal

    Completeness
    High High – Not rely on Controls Low Extensive
    (Above performance materiality)
    Accuracy Justification: Justification:
    Moderate

    Rights and Obligations xxx xxx


    High

    9 – Annex E
    Materiality
    Annex E – ARAPT Template

    Inherent Risk Risk of Material


    Significant Account/ Critical Extent of audit Person ATS
    Assertion Control Risk (CR) Misstatement Timing
    Process procedures Days Ref.
    (IR) (RMM)

    Presentation & Disclosure

    Compliance

    Cutoff

    Classification

    Valuation and Allocation

    Receivership and Liquidation Existence/Occurrence xxx xxx xxx


    Low Low – Rely on Controls Minimal Minimal
    Receivable
    Completeness
    High High – Not rely on Controls Low Extensive

    Accuracy Justification: Justification:


    Moderate

    Rights and Obligations xxx xxx


    High

    Presentation & Disclosure

    Compliance

    Cutoff

    Classification

    Valuation and Allocation

    Deferred Tax Assets Existence/Occurrence xxx xxx xxx


    Low Low – Rely on Controls Minimal Minimal

    10 – Annex E
    Materiality
    Annex E – ARAPT Template

    Inherent Risk Risk of Material


    Significant Account/ Critical Extent of audit Person ATS
    Assertion Control Risk (CR) Misstatement Timing
    Process procedures Days Ref.
    (IR) (RMM)

    Low

    (Above performance materiality) Completeness


    High High – Not rely on Controls Moderate Extensive

    Accuracy Justification: Justification:


    High

    Rights and Obligations xxx xxx

    Presentation & Disclosure

    Compliance

    Cutoff

    Classification

    Valuation and Allocation

    Trust Liabilities Existence/Occurrence xxx xxx xxx


    Low Low – Rely on Controls Minimal Minimal

    Completeness
    High High – Not rely on Controls Low Extensive
    (Above performance materiality)
    Accuracy Justification: Justification:
    Moderate

    Rights and Obligations xxx xxx


    High

    Presentation & Disclosure

    11 – Annex E
    Materiality
    Annex E – ARAPT Template

    Inherent Risk Risk of Material


    Significant Account/ Critical Extent of audit Person ATS
    Assertion Control Risk (CR) Misstatement Timing
    Process procedures Days Ref.
    (IR) (RMM)

    Compliance

    Cutoff

    Classification

    Valuation and Allocation

    Deferred Tax Liability Existence/Occurrence xxx xxx xxx


    Low Low – Rely on Controls Minimal Minimal

    Completeness
    High High – Not rely on Controls Low Extensive
    (Above performance materiality)
    Accuracy Justification: Justification:
    Moderate

    Rights and Obligations xxx xxx


    High

    Presentation & Disclosure

    Compliance

    Cutoff

    Classification

    Valuation and Allocation

    Travelling Expenses - Local Existence/Occurrence xxx xxx xxx


    Low Low – Rely on Controls Minimal Minimal

    Completeness
    High High – Not rely on Controls Low

    12 – Annex E
    Materiality
    Annex E – ARAPT Template

    Inherent Risk Risk of Material


    Significant Account/ Critical Extent of audit Person ATS
    Assertion Control Risk (CR) Misstatement Timing
    Process procedures Days Ref.
    (IR) (RMM)

    Accuracy Justification: Justification:


    Moderate Extensive

    Rights and Obligations xxx xxx


    High

    Presentation & Disclosure

    Compliance

    Cutoff

    Classification

    Valuation and Allocation

    … … … … … … … …

    B. PERFORMANCE
    …
    C. SPECIALIZED SKILLS NEEDED
    …
    D. OTHER MATERIAL ACCOUNTS
     Salaries and Wages – Regular
     Interest Expenses – Foreign Loans
     Other Miscellaneous Assets
     Prepayments
     Deferred Charges
     Dividends Payable
     Interest Payable

    13 – Annex E
    Materiality
    Annex E – ARAPT Template

     Guaranty Deposits Payable


     Due to National Treasury
     Loans Payable – Foreign
     Loans Payable – Domestic (GOP)
     Other Deferred Credits
     Subscribed Capital Stock
     Contributed Capital
     Retained Earnings/(Deficit)
     Fines and Penalties-Business Income
     Interest Income
     Salaries and Wages – Regular
     Interest Expenses – Foreign Loans
    Note: Other Material Accounts refer to items in the financial statements that are not selected as significant but are above Performance Materiality.
    Timing: ______xxx______________________
    Person Days: ______xxx_________________
    Person/s Responsible: ___xxx_____________

    14 – Annex E

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