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Ex - No 8 - Form

The document outlines an audit programme for the year 2020-2021. It lists the various audit procedures that are to be done, the approximate time required, actual time taken, and who will review them. The procedures cover reviewing basic documents, understanding the business, internal controls over various assets and liabilities, verification of financial records and statements, and drafting audit reports.

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Pooja
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39 views2 pages

Ex - No 8 - Form

The document outlines an audit programme for the year 2020-2021. It lists the various audit procedures that are to be done, the approximate time required, actual time taken, and who will review them. The procedures cover reviewing basic documents, understanding the business, internal controls over various assets and liabilities, verification of financial records and statements, and drafting audit reports.

Uploaded by

Pooja
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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EX.NO.

8
AUDIT PROGRAMME

Audit Programme for 2020-2021


Appox.
To be Actual To be
Time
Audit procedure done time reviewe Remarks
required
by taken d by
(hours)
(1) (2) (3) (4) (5) (6)
Basic Documents
1. Letter of appointment
2. Memorandum and articles of
Association
3. Organization chart
Knowledge of business
1. Nature of industry
2. Management
3. Products ,markets
4. Past financial performance
5. Past records
6. Applicable laws
Review of internal controls
A. General
Distribution of authorities
Distribution of duties
Manuals/written instructions
Internal audit reports
Internal control
B. Assets
Fixed assets
Investments
Debtors
Stock
Cash and bank
Other assets
C. Liabilities
Capital
Reserves
Loans
Creditors
Provisions
D. Income and assets
Sales
Other assets
E. Expenditure
Purchases
Consumption of materials
Salaries
Electricity
Other major items
Arithmetical accuracy financial
Books
Check postings, castings,
carryforward and balancing of
1. Cash book
2. Journal
3. General ledger
4. Debtors’ ledger
5. Sales
6. Purchases book
7. Other subsidiary books
(Check approximately 30% of
items at random)
Vouching
Cash vouchers
Journal vouchers
Sales invoices
Purchases invoices
(Check 30% of vouchers and
invoices below Rs. 20,000 each; 100%
for others)
Verification and valuation
Assets
Cash
Investments
Stocks
Fixed assets
Liabilities
Loans
Creditors
Provisions
Ledger scrutiny
Physical instruction/observation
Confirmations
Bank accounts
Debtors accounts
Analytical review of financial
statements and comparison of results
with earlier years
Management representations
Trial balance and checking of
financial statements
Discussion with management
regarding of audit quires and their
solving
Draft audit report
Management letter/ certificate
Final audit report
Total time budgeted

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