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Sample Audit Proposal

The audit proposal outlines the frequency and scope of internal audits to be conducted at Mr. Freeze Tube Ice Company sites. Areas to be audited include cash flow, sales and purchases, receivables, expenses, and inventory. Cash flow, sales/purchases, expenses, and receivables will be audited monthly per site. Inventory will be audited quarterly. Site visits will occur at least twice per month to provide feedback and observations on operations. Reports will be submitted monthly, quarterly, and as needed.

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Tenn Corpuz
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170 views3 pages

Sample Audit Proposal

The audit proposal outlines the frequency and scope of internal audits to be conducted at Mr. Freeze Tube Ice Company sites. Areas to be audited include cash flow, sales and purchases, receivables, expenses, and inventory. Cash flow, sales/purchases, expenses, and receivables will be audited monthly per site. Inventory will be audited quarterly. Site visits will occur at least twice per month to provide feedback and observations on operations. Reports will be submitted monthly, quarterly, and as needed.

Uploaded by

Tenn Corpuz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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AUDIT PROPOSAL

MR. FREEZE TUBE ICE COMPANY

Frequency of visit per site:

Regarding frequency of internal audit, there is no fixed


or general pattern. Frequency of audit in a particular area
will depend on a number of factors. However, it will be
ensured that the assigned areas will each be covered at
least twice a month.

Frequency of reports:

Monthly, Quarterly, and/or as the need arises.

Reports to be submitted according to frequency:

Audited Cash Flow Report per site

Cash Receipts
Cash Disbursements
Bank Transactions -- Reconciliation
Petty Cash Fund
Payroll
Attached Cash count sheet

Audited Sales and Purchases Report per site

Monthly

Aging of Accounts Receivables


Allowance for Doubtful Accounts
Review of Credit Standing per Subsidiary
Possible Write-offs

Audited Expense Reports

Monthly

Cash Sales
Sales on Account
Sales Returns and Allowances
Cash Purchases
Purchases on Account
Purchase Returns and Allowances

Audited Receivable Subsidiary and Control Account Reports

Monthly

Salaries and Wages


Fixed Expenses
Utilities Expense
Supplies Expense
Allowances of Employees
Cash Advances
Miscellaneous Expense
Factory Overhead

Monthly

Audited Inventory Count Reports

Work in Process Inventory


Finished Goods
Physical Inventory vs Reported Inventory

Site Visit Feedback and Observation

Quarterly

Recommendations
Reports (as called for)

Weekly

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