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AUD1&2 - Module 1c

Cash and Cash Equivalents Auditinh

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Jamaica David
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16 views

AUD1&2 - Module 1c

Cash and Cash Equivalents Auditinh

Uploaded by

Jamaica David
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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AUDITING & ASSURANCE: CONCEPTS AND APPLICATION

Substantive Test of Cash

ASSERTIONS AUDIT OBJECTIVES

All cash on the SFP at a given date is held by the entity


Existence P or by others (e.g, a bank) for the entity).

The entity owns, or has leagal right to, and has


Rights and Obligation P unrestricted use on all the cash on SFP at the reporting
Assertions about date.
account balances at
the period end Completeness All cash owned by the entity at the reporting date is
P included on the SFP.

Cash, including bank balances, is stated at realizable


Valuation and Allocation P value and agrees with supporting schedules.

Occurrence
Assertions about Completeness
classes of
transactions and Accuracy
events for the
period under audit Cutoff
Classification
Occurrence and Rights and obligations P
Assertions about Completeness P Cash, including bank balances, is properly classified,
presentation and described, and disclosed in the financial statements,
disclosure Classification and understandibility P including notes, in accordance with PFRS.
Accuracy and valuation P
AUDIT PROCEDURES
Bank Surprise Bank Cutoff Analytical Appropriate
Confirmation Cash Count Reconciliation Testing Procedures Valuation

P P P P P

P P P P P

P P P P

P P P P

P P
Exhibit 1: Cash Count Sheet
Resources: Audit & Assurance - Asuncion/Ngina/Escala, CPA

Cash Count Sheet

Client Madami Cash on Hand Co. Counted by


Name of fund Petty Cash Fund Date & Time
Audit Date December 31, 2021

Currency: Denomination Qty. Amount


PHP
Bills 1,000 1 1,000
500 3 1,500
200 1 200
100 16 1,600
50 20 1,000
20 40 800

Coins 10 50 500
5 100 500
1 100 100

Checks None

Vouchers
Taxi Fare 400

Others None

Total

Above liste cash items in the amount of Php 7,600 were returned to me after count by a representative of Asunc
Escala, Ngina & Co. All cash and cash items for which I am accountable to have been presented for inspection
count.

January 4, 2022 Pretty Custodian


Date Signature of Custodian
Josefa Munda
January 4, 2022; 9:05 AM

Total

6,100

1,100

400

7,600

fter count by a representative of Asuncion,


o have been presented for inspection and
Exhibit 2: Standard Bank Confirmation
Resources: Audit & Assurance - Asuncion/Ngina/Escala, CPA

Attn: Janet Nafoolish, Senior Manager


Bank of the Baguio Island
Lower Seesion Rd., Baguio City

NCPAR, Inc.
We have provided to our auditors the following information as of December 31, 2021, regarding our deposit and
loan balances. Please confirm the accuracy of the information, noting any exceptions to the information
provided. If the balances have been left blank, please complete this form by furnishing the balance in the
approriate space below. Although we do not request nor expect you to conduct a comprehensive, detailed
search of our records, if, during the process of compelting this information, additional information about our
deposit and loan accounts we may have with you comes to your attention, please include such information
below. Please use the enclosed envelope to return the original directly to our auditors, Asuncion, Ngina & Escal
& Co.

1. At December 31, 2021, our records indicated the following deposit balance(s):
Account Name Account No. Type of Account Interest Rate Balance
Payroll Account 12345678 Checking Account 2% 15,765,523
General Account 23456789 Checking Account None 1,324,434

2. We were directly liable to the financial institution for loans at December 31, 2021 as follows:
Date through which Description of
Account No. Balance Date Due Interest Rate
interest is paid collateral
Delivery
143-444 1,321,432 2/3/2025 11.5% 12/31/2021 Equipment

Jejemon Beks, Manager January 14, 2022


Customer's Authorized Signature Date

To be filled by the bank's authorized personnel

The information presented above by the customer is in agreement with our records. Although we have not
conducted a comprehensive, detailed search of our records, no other deposits or loan accounts have come to
our attention except as noted below.

Jojo Bee, Finance Director January 22, 2022


Financial Institution Authorized Signature Date

Please return this form directly to our auditors:


Asuncion, Escala, Ngina & Co.
P.O Box 14344, 2600 Baguio City

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