Professional Documents
Culture Documents
Monitoring of Tasks
Overall Tasks:
Description
1. Create audit procedures for the following:
- Cash
- Inventory Management
3. Create a loan schedule to update all the status of all loan agreements entered by the Group.
Reference
RA001
RA002
RA003
Tasks:
Understanding:
Topic
Bank Reconciliation
Budget Purposes
Checks
Executive Reimbursement
Monitoring of Payments
Check Releasing
Lost Checks
3. There should be an actual year to date current vs. actual prior year to date variance analysis.
4. Set a deadline with the accounting department for the actual results of the month.
1. Is there a limit to the amount of approval that a department head could authorized?
2. Study the organizational chart.
1. We need to ensure the completeness of the attachments for check vouchers and manual
checks.
2. The replenishment of checks should include copies of receipts under summary of expenses
incurred through the fund.
3. The check voucher shoud include copies of receipts under the summary of expenses incurred
through the fund.
4. Checks issued should have a copy for filing and audit trail purposes. This will be useful in
especially in cross referencing transactions reflected in the bank statement or bank transaction
history, checks and check voucher (three-way matching)
5. Check the independence of personnel or officers who authorizes and sign the manual checks.
6. Where is the specimen signature located?
1. Were there an experience of loss of checks during the prior period? If so, did the payee
submitted an affidavit of loss upon requesting resissuance of check?
2. Did the company issued "Stop payment advise" to the bank upon the loss of check by the
payee?
1. There should be a proper procedure for cancelling and recording void and cancelled checks.
1. Check whether two working days rule (two days from the cash receipt, except of OBTs and
hospitalization) is being followed for the submission of liquidation report.
2. Check the validity and completeness of information of the liquidation report and the
attached supporting documents.
3. Proper approval of liquidation form should have been made.
4. Check whether the procedure for actual cash disbursement exceeding the cash advance is
being implemented.