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    1. Short-term running finance

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    rizwan.rasg

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    1. Short-term running finance

    Uploaded by

    rizwan.rasg
    2 views2 pages

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    © All Rights Reserved
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    Download as doc, pdf, or txt
    2 views2 pages

    1. Short-term running finance

    Uploaded by

    rizwan.rasg

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
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    Audit Program WP Ref.

    :
    Prepared by: Rizwan Ahmad
    Date:
    Reviewed by
    Date
    Client: Tabadlab (Private) Limited
    Period: June 30, 2024
    Subject: Liabilities

    Amount in Rs.
    Account balances:

    Classes of transactions:

    S. No. Audit Objectives Assertions Risk Assessment

    IR CR ROSM

    1. All short-term running finance on the ER


    balance sheet represents valid claims by
    banks or other third parties.

    2. All short-term running finance has been C


    accounted for in the books of the company
    on a timely basis.

    3. The liability is recorded at the correct V


    amount.

    4. Short-term running finance has been OCAL


    presented and all disclosures have been RVU
    given in accordance with the Fourth
    Schedule of the Companies Act, 2017 and
    relevant IFRSs.
    S. No. Audit Procedures Objective Done by W. P. Ref.

    Analytical Procedures

    1. Document logical commercial reasons for AU


    obtaining new facilities and termination of
    existing facilities during the year.

    Test of Detail

    1. Circularize direct confirmations to all ER


    banks.

    2. Trace opening balance in general ledger CE


    from last year working papers.

    3. Obtain and examine bank reconciliations to CEA


    ensure the following:

    n No long outstanding item should remain


    un-followed;

    n No revenue nature item should be


    appearing;

    n All deposits made should be cleared


    within two days; and

    n No long outstanding cheques of


    significant amount are un-presented;
    if so then check their payment
    voucher and ensure that no
    discrepancy is involved.

    4. Ensure that all balances etc. reported by CA


    bank in replies to bank confirmation
    request are included in records of the
    client.

    5. Ensure that all bank accounts are in R


    company's name.

    6. Ensure that closing balances as per our N/A


    working paper file are in match with
    general ledger.

    7. Determine that disclosures have been made OCAL


    in accordance with the requirements of RVU
    Fourth Schedule to the Companies Act,
    2017 and the applicable IFRSs.

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