EY Small Business Documentation Package

Significant Account Summary : XXX

Initials

Client:
Period End:

Date

Prepared by:
Reviewed by:

Assertions:
Existence (Ex) or Occurrence (Oc), Completeness (Co), Rights and Obligations (R&O), Valuation (Va) or Measurement (Me),
Presentation and Disclosure (P&D)

Inherent Risk Aspects (from EY GAM Objectives P01 - E02)

Evaluation of the Implications of Inherent Risks, including any Significant Risks, identified in the previous activities.
x

Ex/
Oc

Ref. Inherent Risk Aspects (indicate any significant risks brought forward from the ASM)
Other Income - there is a risk of understatement to mitigate tax payment

Co

Va/
R&O P&D
Me

lower higher higher lower lower

Control Risk Aspects (from EY GAM Objectives P01 - E02)

The pre-populated table on the Control Risk Aspects worksheet of this template is provided to link the Flows of Transactions to the Audit Procedures
to be performed. If the engagement team identifies any additional WCGWs while obtaining their understanding of the flows of transactions, the table
is used to assist in determining appropriate additional Audit Procedures to be performed. These are added to the Work Program worksheet.

Combined Risk Assessment

Control risk has been pre-populated at maximum, because for clients eligible for use of the SBDP, we do not normally test controls over significant
flows of transactions.
In some circumstances, eg where a significant risk has been identified or where the client has effective controls in place over one or two significant flows of
transactions, the engagement team may decide that the most effective and efficient approach to auditing the financial statements is to perform tests of controls over
those significant flows of transactions. In this case, the CRA template in the Supplementary Folder 'Tests of Controls Only' is completed instead of this template.

Assertion

Inherent
Risk
Lower

Existence (Ex)/
Occurrence (Oc)

Higher

Control Risk

CRA - Combined Risk

Assessment (Ctrl-r)

Maximum

Moderate

Extent of Testing

High

Extensive

Completeness (Co)

Estimation

Valuation (Va) /
Measurement (Me)

Estimation

Rights & Obligations

(R&O)

Extensive

Presentation and
Disclosure (P&D)

Extensive

Significant Account Summary

(R12/07 - SBDP)

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EY Small Business Documentation Package

Significant Account Summary : XXX
Client:
Period End:

Initials

Date

Prepared by:
Reviewed by:

Assertions:
Existence (Ex) or Occurrence (Oc), Completeness (Co), Rights and Obligations (R&O), Valuation (Va) or Measurement (Me),
Presentation and Disclosure (P&D)

Control Risk Aspects (from EY GAM Objectives P01 - E02)

The What Could Go Wrongs (WCGWs) below are provided to link the Flows of Transactions to the Audit Procedures to be
performed. If the engagement team identified any additional WCGWs while obtaining their understanding of the flows of transactions, the table below may
be amended to reflect the additional WCGWs. Appropriate additional Audit Procedures are added to the Work Program worksheet.

What Could Go Wrongs transferred from the relevant Understand the

Ref.
Flows of Significant Classes of Transactions templates

Ex/
Oc

Co

Va/
R&O P&D
Me

Possible Audit
Procedures - see work
program (Primary
Substantive procedures
are shown in bold text)

other income
other income are not recorded

other income are incorrectly recorded

foreign currency translaton are incorrectly calculated

intentional misstatemnt of income of subsidiaries

Significant Account Summary

(R12/07 - SBDP)

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EY Small Business Documentation Package

Audit Program: XXX
Client:
Period End:

Initials

_____________________________
_____________________________

Date

Prepared by:
Reviewed by:

Assertions:
Existence (Ex) or Occurrence (Oc), Completeness (Co), Rights and Obligations (R&O), Valuation (Va) or Measurement (Me),
Presentation and Disclosure (P&D)

Ex/
Oc

Other Income

Co

Va/
R&O P&D
Me

WP-Ref

Date / Initials

Nature, timing and extent of our substantive audit procedures are determined by the level of CRA. (Refer to EY GAM Objective S11)

Primary Substantive Procedures (to be completed for all significant assertions)

1

Overall Analytical Review:

Perform analytical review for other income
accounts and investigate any unusual transactions using
provided by client (PBC), e.g top trials, lead schedule, or
company trial balance
Revenue Recognition Procedures:
Ensure compliance with the revenue
recognition policy of the company

Analytical Audit Procedures

3

Compare income and expense account balances with those

of the prior year, and with current year budget (if
available), and obtain explanation for any unusual or
significant variations
Have the client prepare a comparative monthly analysis of
other income. Verify the clerical accuracy of the analysis
and test it as appropriate with regard to its propriety and
mitigate sufficient differences.
Discuss with appropriate clients personnel the accounting
policies stated and followed with respect to other income
recognition and consider the appropriateness of the said
policy.

Test of details
6

Review the marketable securities andrelated accounts

(e.g., interest and dividend income) in the generalledger
for unusual items.
Test accrued interest and interestearned during the period
onreceivables; determine whether interest should be
imputed on long-term receivables arising during the period.

11

Verify interest and dividend incomeon marketable

securities, investments,and equity in earnings (losses) of
investees by calculating interestearned or by referring to
publishedrecords of dividends paid or to thefinancial
statements of investees.
Verify computations of gains andlosses from sales of
marketablesecurities and investments
For each significant other revenue account not tested in
other areas of working papers, have the client prepare an
analysis of the cumulative balance.
Cross-refer workings of gain on disposal of fixed assets
with relevant workings in fixed assets section.

12

Verify exchange gains, either through recomputations or by

verification of workings provided by the client.

13

Review applicable sales invoices for sale of scrap / fixed

assets / waste etc., and shipping documents to determine
the accuracy and validity of each selected transaction and
sales tax charged thereon, if applicable.

14

Ensure proper charging of sales tax on the value of the

supply.

9
10

Conclusion: We have completed all planned work steps related to xxxxxxxxx, including primary substantive
procedures described in the Global Audit Methodology. [If a primary substantive procedure was not completed,
describe the primary substantive procedure here and the alternative procedure that we performed in its place].
Based on the related combined risk assessments and the results of the procedures in this and related areas,
we believe that the procedures completed are appropriate for the following financial statement assertions and their
respective combined risk assessments.
xxxxxxxx - Existence:
____________________
xxxxxxxx - Completeness:
____________________
xxxxxxxx - Valuation:
____________________
xxxxxxxx - Rights and Obligations: ____________________
xxxxxxxx - Occurrence:
____________________
xxxxxxxx - Measurement:
____________________
As a result of completing the planned procedures, no audit differences were identified.
Preparer's Signature:

Significant Account Summary

Date:

(R12/07 - SBDP)

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