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DSWD NCR - Audit Program Semi Expendable and PPE

The document is an audit program from the Commission on Audit for the Department of Social Welfare and Development National Capital Region regarding the audit of the agency's semi-expendable equipment and property, plant, and equipment accounts. The audit program outlines four audit objectives to determine the completeness and correctness of account balances, existence of assets, proper valuation of assets, and appropriate financial statement presentation. It details nine audit procedures to meet the objectives, including tracing balances, physical verification of assets, assessing valuation methods and disclosures.

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Ann Marin
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240 views

DSWD NCR - Audit Program Semi Expendable and PPE

The document is an audit program from the Commission on Audit for the Department of Social Welfare and Development National Capital Region regarding the audit of the agency's semi-expendable equipment and property, plant, and equipment accounts. The audit program outlines four audit objectives to determine the completeness and correctness of account balances, existence of assets, proper valuation of assets, and appropriate financial statement presentation. It details nine audit procedures to meet the objectives, including tracing balances, physical verification of assets, assessing valuation methods and disclosures.

Uploaded by

Ann Marin
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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REPUBLIC OF THE PHILIPPINES

COMMISSION ON AUDIT
Department of Social Welfare and Development
National Capital Region
City of Manila

Audit Program

Account: Semi-expendable Equipment accounts


PROPERTY PLANT AND EQUIPMENT

Audit Objectives and Audit Procedures WP Man- Remarks


Assertions Ref. days

1. To ascertain the 1. Trace beginning balance to prior ATM/


completeness and year’s (PY’s) audit working ATL
correctness of account paper/ending balance of PY’s FS
balance as recorded in the and General ledger (GL).
books.
(Completeness, 2. Compare the GL balance with the
Ownership) balance in the TB, the SL/lapsing
schedule.
Risks and Possible Risks
Identified: 3. Scan the entries, note
unnecessary large entries and
a) All Semi-expendable and select the transactions to be
PPEs are not recorded. examined.

b) Land titles are not 4. Secure the documents covering


secured by the agency. the selected samples.

5. Review the selected sample to


ascertain that:

a. the transaction is duly


supported by appropriate
documents;
b. the amount reported and
recorded is accurate;
c. the account classification is
appropriate;
d. the transaction is properly
approved;
e. the transaction is accurately
posted to the appropriate
property ledger card.
Audit Objectives and Audit Procedures WP Man- Remarks
Assertions Ref. days
6. Obtain the lapsing schedule of all
Semi-expendable and PPE
accounts and analyze all entries:

a. Description of accounts by
classification
b. Balances at the beginning
and at the end of period
c. Additions, disposals and
depreciation during the
period

7. Check whether Semi-expendable


properties are properly
reclassified/recorded to its proper
account.

8. Prepare working papers,


investigate and take note of any
deficiencies.

9. Prepare and issue AOM, if


necessary.

2. To determine the 1. Check whether the recorded ATM/


existence of the Semi- equipment are included in the ATL
Expendable Equipment latest Report on the Physical
and PPE accounts. Count of PPE (RPCPPE), if
(Existence) available.

Risks and Possible Risks 2. Physically verify, on a sampling


Identified: basis, the existence of all
acquired equipment included in
 PPE recorded in the the RPCPPE.
books does not exist
3. If RPCPPE is not available,
physically verify, on a sampling
basis, the existence of all
recorded acquired equipment.

4. Check transfers of PPEs from one


agency to another.

5. Traced credits to GLs if they


correspond to disposals, transfers
or donations to other agencies.
Audit Objectives and Audit Procedures WP Man- Remarks
Assertions Ref. days

6. Prepare working papers,


investigate and take note of any
deficiencies.

7. Prepare and issue AOM, if


necessary.

3. To determine the proper 1. Review the basis of valuation ATM/


valuation of the PPE with reference to recorded ATL
accounts. (Valuation) amounts, whether cost or fair
market value if through exchange
Risks and Possible Risks or non-exchange transactions
Identified: (purchase or donation); and
whether major repairs and
a) Incorrect balances of replacement of parts were
Depreciation and its capitalized, in accordance with
Accumulated the GAM.
Depreciation.
2. Check if depreciations and
b) Recording of values are impairments are recognized in
not in accordance with acceptable basis and in
GAM. appropriate amounts and in
accordance with the GAM and
PPSAS.

3. Prepare working papers,


investigate and take note of any
deficiencies.

4. Prepare and issue AOM, if


necessary.

4. To determine whether the 1. Compare statement presentation ATM/


recorded accounts are with the GAM. ATL
properly and consistently
classified and presented 2. Determine that the account is
and that disclosures are properly identified and classified
appropriate. in the FS.
(Presentation and
Disclosures) 3. Determine the appropriateness/
completeness of disclosures made
Risks and Possible Risks in the Notes to FS.
Identified:
Prepare and issue AOM, if
Audit Objectives and Audit Procedures WP Man- Remarks
Assertions Ref. days
a) The amount recorded necessary.
may not be properly
classified.

b) Any deviations or
abnormal conditions may
not be properly disclosed.

Prepared By: Reviewed By:

MARYJANE H. SADANG ELEANOR G. JOVES


Audit Team Leader Supervising
Auditor
Date: ______________ Date: _____________

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