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Audit Program - Breeding Stock

This document outlines an audit program for a breeding stock account. The objectives are to verify existence and ownership of breeding stocks, assess value and ensure proper accounting. Procedures include inspecting records and animals, tracing transactions, and determining compliance with acquisition and disposal rules. The audit aims to confirm completeness, ownership, accuracy of valuations and compliance with presentation standards for financial reporting.

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Nanette Rose Haguiling
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380 views4 pages

Audit Program - Breeding Stock

This document outlines an audit program for a breeding stock account. The objectives are to verify existence and ownership of breeding stocks, assess value and ensure proper accounting. Procedures include inspecting records and animals, tracing transactions, and determining compliance with acquisition and disposal rules. The audit aims to confirm completeness, ownership, accuracy of valuations and compliance with presentation standards for financial reporting.

Uploaded by

Nanette Rose Haguiling
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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NAME OF AGENCY

AUDIT PROGRAM
FOR THE PERIOD ________________

BREEDING STOCK
( Account Code 282 )

Account Description: This account is used to record the cost or appraised value of
breeding stocks acquired or purchased.

Audit Objectives:

1. To determine the existence of the Breeding Stocks.


2. To ascertain the correctness of the account balances as of the end of the
financial period.
3. To determine whether the account is properly valued.
4. To ascertain whether the acquisition, maintenance, custodianship and
disposition of the asset are made in accordance with laws, rules and
regulations.
5. To determine whether the account is presented properly in the Balance Sheet
and the necessary disclosure is made in the financial statements.

Assertions: Completeness ( C ), Existence or Occurrence ( EO ), Validity/Legality or


Regularity ( VR ), Valuation or Measurement ( VM ), Presentation and Disclosure
( PD )
ASSERTIONFS

TIME
AUDIT FRAME
TO
WP
PROCEDURES Ref
BE
DONE REMARKS
BY DATE DATE
STARTED COMPLETED

1.1 Obtain and review the latest physical C


inventory report. EO

1.2 Check the report against the property C


ledger cards. EO
ASSERTIONFS
TIME
AUDIT FRAME
TO
WP
PROCEDURES Ref
BE
DONE REMARKS
BY DATE DATE
STARTED COMPLETED

1.3 Conduct inspection/physical count on a C


selective basis to test the correctness EO
of records.

1.4 Identify the status of animals and verify EO


their condition.

1.5 Inquire the action taken by EO


management to write off from the
books.

1.6 Inspect Memorandum Receipts (MRs) EO


if applicable. Vouch invoices and
receipts

2.1 Trace the account in the balance sheet C


to the TB,GL and SL EO

2.2 Trace posting of vouchers to the C


property ledger cards. EO

2.3 Check whether the acquisitions, C


purchases and disposals made during EO
the period are recorded properly and VM
verify significant variation.
ASSERTIONFS
TIME
AUDIT FRAME
TO
WP
PROCEDURES Ref
BE
DONE REMARKS
BY DATE DATE
STARTED COMPLETED

3.1 Based on the agency schedule, select C


major additions and perform the EO
following procedures: VR

 Check whether additions are


recorded at cost or in other basis
in accordance with generally
accepted accounting principles.

 Check whether there is proper


approval by authorized officials.

 Reconcile total additions by


purchases charged against capital
outlay.
3.2 Obtain and review schedule of C
disposals. EO
VR
3.3 Check whether the items are dropped C
from the books in case of loss or VM
destruction.

3.4 Inquire the action taken by EO


management to recover the value of VM
the missing animals, if any.

3.5 Inquire actions taken to recover the VM


value of the missing animals.

3.6 Trace dispositions by sale to cash EO


receipts or accounts receivable and to VR
the income or appropriate revenue
account.

4.1 Review existing procedures to insure EO


the proper and effective maintenance VR
and custodianship of the breeding
animals at the most economical cost.
ASSERTIONFS
TIME
AUDIT FRAME
TO
WP
PROCEDURES Ref
BE
DONE REMARKS
BY DATE DATE
STARTED COMPLETED

4.2 Obtain list of properties subject for EO


disposal. Review list and conduct
inspection to verify the condition of
the properties.

5.1 Check whether the account is PD


properly presented in the Balance
Sheet and the necessary disclosure is
made in the financial statements.

5.2 Prepare and issue AOM for the noted


deficiencies.

5.3 Organize working papers including


indexing and cross-referencing.

PREPARED BY : REVIEWED BY : APPROVED BY :

Date Date Date

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