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
