AUDIT PROGRAM

CLIENT: ___________________________________________________ E/AP/4

PERIOD: ___________________________________________________

SUBJECT: HEAD OFFICE AND BRANCH

Est. Phase/ W/P

Procedures By Comments/Explanations
Hrs. Level Ref.
AUDIT OBJECTIVES

To ensure that:

A. The balances represent all inter company, inter branch

and head office expenses, amount owed.

B. The mathematical accuracy of the account is correct.

C. Amounts represents all proper charges or amounts that

can reasonably be expected to realize through future
operations or otherwise and are properly recorded.

D. The balances are properly described and classified and

adequate disclosures with respect to these amounts
(including disclosures of amounts that have been
pledged, discounted or sold with recourse or are with
related parties) have been made.

SUBSTANTIVE PROCEDURES

1. Overall Analytical Review

1.1 Have the client prepare a listing of head office /

branch, receivable / payable. Compare balances with
previous year and investigate significant differences.
1.2 Test the clerical accuracy of the footings
of the listing and trace the totals to the general ledger
control accounts.
1.3 Perform analytical review of the balances on the lead
schedule.
1.4 Determine whether the amounts are of a short-term
nature and are properly classified in the financial
statements.

2. Confirmations

2.1 Request independent confirmations in respect of

above mentioned balances.
2.2 Review independent confirmation replies to verify
balances due to / from other offices.

3. Reconciliation

3.1 For nostro accounts obtain inter-office reconciliation

statements prepared by client.

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 AUDIT PROGRAM
CLIENT: ___________________________________________________ E/AP/4

PERIOD: ___________________________________________________

SUBJECT: HEAD OFFICE AND BRANCH

Est. Phase/ W/P

Procedures By Comments/Explanations
Hrs. Level Ref.
3.2 Compare clients balances and other offices balances
with clients GL and statements received from other
offices.
3.3 Ensure that nostro account confirmation from other
offices are in agreement with statement balances.
3.4 Check footings of reconciliations.
3.5 Trace reconciling items to detailed statements and
clients ledger accounts.
3.6 Review reconciliation and check subsequent
clearances of reconciling items in nostro statements
and ledger.

4. Other tests

4.1 Investigate uncleared and unusual, large and old

outstanding balances with appropriate supports and
correspondence. Consider for ML if not satisfactorily
explained.
4.2 Ensure that Foreign Currency Balances are converted
at the appropriate rate ruling at year-end, consistent
with clients policy for current and previous year.

Other tests as deemed necessary

Management Letter

Prepare management letter points including:

 Internal control weaknesses;

 Business improvement opportunities;
 Legal non-compliance;
 Accounting system deficiencies; and
 Errors and irregularities not material at the
financial statements level.

Disclosure

Ensure appropriate disclosure in accordance with the

reporting framework and fill relevant portion of
Financial Statement Disclosure Checklist (FSDCL).

Supervision, review and conclusion

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 AUDIT PROGRAM
CLIENT: ___________________________________________________ E/AP/4

PERIOD: ___________________________________________________

SUBJECT: HEAD OFFICE AND BRANCH

Est. Phase/ W/P

Procedures By Comments/Explanations
Hrs. Level Ref.

1. Perform Senior review and supervision.

2. Resolve Senior review points.
3. Resolve Partner and Manager review points.
4. Conclude response to the audit objectives.

Audit conclusion

Based on the substantive test procedures, I/we performed as outlined above, it is my/our opinion that the audit objectives set forth at
the beginning of this audit program have been achieved, except as follows:

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______________ ______________ ___________ ____________

Date:____________ Signature Job Incharge Manager Partner

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