Working Audit Procedures Performed by: Paper Index Compare Budget for Activity/Budget Item/s vs. Actual Disbursement Review the budget Resolutions/Resolutions to collect as approved by the OSA, and the liquidation reports reflecting disbursements.
Prepare working paper for variances.
Identify causes of variances.
Check Withdrawal Procedures and Documentation Review Resolutions for withdrawals, duplicate withdrawal slips and minutes of the meetings where such Resolutions for withdrawals were decided. Prepare working paper for withdrawal documentations.
Identify causes of deviations if there’s any.
Check Collections, Disbursements and FS Presentation Obtain a copy of FS. Recalculate collections as per ORs issued and cross-check with FS reflected collections; put beside FS reflected collections if it coincide with those of the recalculated collections as per ORs issued, otherwise put X and indicate the recalculated amount. Recalculate disbursements as per liquidation reports and cross-check with FS reflected disbursements; put beside FS reflected disbursements if it coincide with those of the recalculated disbursements as per liquidation reports, otherwise put X and indicate the recalculated amount in the appropriate liquidation report. Consolidate liquidation reports as working paper. Trace every disbursement line item to the presented substantiation/proof of disbursement, and note per disbursement line item whether the disbursement line item is Normal (N), Inventoriable (Inv), Irregular (Irr), Unnecessary (Unn), Excessive (Exc), Extravagant (Ext) or Unconscionable (Unc) whichever applies. In addition, put D if there is no substantiation/proof of disbursement. Prepare working paper for collections, disbursements and necessary remarks. Compare Cash Balances per record vs. Actual Refer beginning cash balances reflected in the FS with those of the ending cash balances reflected in the immediately prior FS issued or the Turnover Statement of prior administration whichever so applies. In addition, in case of beginning cash in bank balances, compare it with the appropriate balances reflected in the passbook. Refer ending cash balances reflected in the FS with those of cash balances actually held on hand and actually reflected in the passbook as at FS cut-off date. Prepare working paper for cash balances comparisons. Compare Inventoriable Items Forwarded and Purchased vs. Actual Check the actual condition and existence of inventoriable items. Check further documentations if some of these items are being lend to or was lost. Prepare working paper for irregularities if there’s any. Check for Existence of Receivables and Payables Check for documentations of receivables due other than from members.
Check for documentations of receivables due from members.
Check for documentations of payables.
Prepare working paper for receivables and payables.