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    Audit

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    john nercado

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    © All Rights Reserved
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    Audit

    Uploaded by

    john nercado
    2 views1 page

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    audit

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    Copyright:

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    2 views1 page

    Audit

    Uploaded by

    john nercado

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    AUDIT F\NDINGS SUMMARY

    Overview

    The purpose of this Audit Findings Report is to assist you in your review of the results
    of our audit as at and for the period ended

    We appreciate the assistance of management and staff in conducting our audit. We


    trust that this audit findings report is of assistance to you, and we look forward to
    discussing our findings and answering your questions.

    Audit Findings

    • Agents employment records were not properly documented and hard copies of
    documents containing sensitive or personally identifiable information (Pll) were
    not adequately secured.
    • lt was noted that there were agents commission that were unsupported, in
    contravention of the finance policy.
    • Untimely submission of liquidation reports and remittance of unexpended
    funds.
    • Payments were not remitted on a timely basis which results to inefficient cash
    flow management of the Company.
    • Noted a discrepancy for sold units and amount liquidated.
    • Payments made by clients remains unliquidated,
    • Revenues and expenditures were not recorded appropriately.
    • Non-issuance of receipts

    Materia'ity

    We determine materiality in order to plan and perform the audit and to evaluate the
    effects of identified misstatements on the audit and of any uncorrected misstatements
    on the financial statements

    For the current period, materiality of Phpl 0,215,050.00 has been determined for the
    overall financial statements.

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