Audit Plan for the:

Statutory Audit of the Financial Statements as of and for the

year ending December 31, 20xx

AGENDA
1 Client Service Team
2 Scope of Work
3 Reporting and Deliverables
4 Responsibility of R. P. Mora & Co.
This Audit Plan is strictly private and
confidential and is intended solely for the
information and use of management and of
those persons and/or group of persons (such
The contacts
as audit committee, executive
committee
in connection with this
presentation
are:charged
and/or board of directors)
who are
with governing SPC MULTI-PURPOSE
COOPERATIVE

5 Responsibility of Management and

Directors
6 Audit Timetable
7 Updates from Management
8 Affirmation of Independence

Rheneir P. Mora

Partner
The contact details inEngagement
relation to
this
Engagement are:
Tel: (032) 520-5814
rheneir@rpmora.com

Client Service Team

Rheneir P. Mora

Atty. Rheneir P. Mora, CPA

Tel.: (032) 520-5814
Mobile: (0917) 622-5655
Email: rheneir@rpmora.com

Victoria C. Meoza

Mr. Victoria MeozaEngagement Supervisor

Tel.: (032) 520-5814
Tel: (032) 520-5814
Mobile: (0922) 764-0898
vicky@rpmora.com
Victoria C. MeozaEmail: vicky@rpmora.com
The Audit Plan contains 5 pages including
Grace T. Geromo
this page and any appendices.
Audit In-Charge
Grace T. Geromo

Paz Leopardas

Sarah Mae Budlong

Tel: (032) 520-5814

R. P. Mora & Co

Certified Public Accountants

Scope of Work

Local Statutory Audit of the Financial Statements

SCOPE
Statutory audit of the financial statements (FS) as of and for the year
ending December 31, 20xx of SPC MULTIPURPOSE COOPERATIVE
APPLICABLE FINANCIAL REPORTING FRAMEWORK
Philippine Financial Reporting Framework for Cooperatives
APPLICABLE AUDITING STANDARDS
Philippine Standards on Auditing (PSA)
REGULATORY REQUIREMENTS

BIR statutory requirement

CDA statutory requirement

3 Reporting and Deliverables

Local Statutory Audit of the Financial Statements

Independent Auditors Report prepared in accordance with PSA700,

Forming an Opinion and Reporting on Financial Statements
Signed written statement to accompany financial statements for filing with
the Bureau of Internal Revenue (BIR) in compliance with BIR Revenue
Regulation V-20
Signed written representation statements required by CDA.
A management letter report, if warranted, summarizing our comments,
observations, and recommendations should we encounter any of the
following:
Material weaknesses and other deficiencies in internal control;
Business issues; and,
Regulatory concerns.

SPC MULTIPURPOSE COOPERATIVE

Audit Plan for the Year Ending December 31, 20xx

R. P. Mora & Co

Certified Public Accountants

4 Updates from Management

In general, updates/changes:

Significant acquisitions of fixed assets

New major contracts entered during the year

New borrowings and capital changes (increase in capital, advances,

etc.)

Changes in Entitys Accounting System, Policies, Controls and Practices

Financial Performance (results of operations versus budgeted; versus

last year)

Provisions made, litigations, claims, investigations and assessments

involving:
- customers and creditors/suppliers
- regulators (SEC, BIR, LGU)

Risk fraud assessment (risks of fraud identified, if any, and instances of

fraud, if any)

5 Significant Accounts
1. Cash and Cash Equivalents
2. Loans Receivables
3. Accounts Receivables
4. Property and Equipment
5. Other Noncurrent Assets
6. Deposit Liabilities
7. Accounts Payables
8. Interest and Patronage Payables
9. Revenue and Income Accounts
10.Expenses and Accruals

SPC MULTIPURPOSE COOPERATIVE

Audit Plan for the Year Ending December 31, 20xx

R. P. Mora & Co

Certified Public Accountants

6 Responsibility of R. P. Mora & Co.

RPMora is responsible:

to conduct the audit in accordance with PSA;

to plan and perform the audit to obtain reasonable assurance*

about whether the financial statements are free of material
misstatement, whether caused by fraud or error; and

to form and express an audit opinion in the financial statements

that have prepared by management with the oversight of those
charged with governance.
* Subject to inherent limitation of both an audit and of internal control
that there is unavoidable risk that some material misstatements may
not be detected, even though the audit is properly planned and
performed in accordance with PSA
7 Responsibility of Management
MANAGEMENT and THOSE CHARGED WITH GOVERNANCE (BOD and/or audit
committee) are responsible for:

the preparation and fair presentation of the financial statements

in accordance with Philippine Financial Reporting Standards (PFRS);
and

such internal control as management determines is necessary to

enable the preparation of the financial statements that are free
from material misstatement whether due to fraud or error.
8

Timetable
Activity
Submission of required year-end trial
balance, audit schedules and documents
(Dec. 31, 2014)

Target Dates
January 25, 2014

Submission of year-end audit schedules

and documents (Dec. 31, 2014)
Start of audit fieldwork

SPC MULTIPURPOSE COOPERATIVE

Audit Plan for the Year Ending December 31, 20xx

R. P. Mora & Co

Certified Public Accountants

Discussion of Year-end Audit Results

Discussion of draft financial statements
and Management Letter Report
Release of Audited FS (depends on the
approval date of the BOD)

Affirmation of Independence

RPMoras Affirmation of Independence

With our complementing functions, we are still ultimately accountable to the
management of SPC MULTI-PURPOSE COOPERATIVE and this
accountability is anchored on INDEPENDENCEboth actual and perceived.
As your appointed external auditors, we affirm our INDEPENDENCE
that is INDEPENDENCE of both our Firm and our Partners and staff in
respect to SPC MULTI-PURPOSE COOPERATIVE.

SPC MULTIPURPOSE COOPERATIVE

Audit Plan for the Year Ending December 31, 20xx