AUDIT PROGRAM

CLIENT: ______________________________________________ E/AP/5

PERIOD: ______________________________________________

SUBJECT: DUE TO / FROM CENTRAL BANK

Est. Phase/ W/P

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

To ensure that:

A. The balances represents all amount due to / from the

central bank.

B. The mathematical accuracy of the account is correct.

C. Amounts represents all proper charges or amounts that

can reasonably be expected to become payable and
are properly recorded.

D. The balances are classified with adequate disclosures

in respect to these amounts have been made.

SUBSTANTIVE PROCEDURES

1. Overall Analytical Review

1.1 Have the client prepare a listing of balance due to /

from Central Bank. 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 from the relevant

department of the Central Bank by non-standard bank
confirmation request, by request for the specific
balance confirmation (the Central Bank will not
respond to the standard bank confirmation).
2.2 Ensure that balance confirmations received are in
agreement with the clients records (both for amount
and date).

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 AUDIT PROGRAM
CLIENT: ______________________________________________ E/AP/5

PERIOD: ______________________________________________

SUBJECT: DUE TO / FROM CENTRAL BANK

Est. Phase/ W/P

Procedures By Comments/Explanations
Hrs. Level Ref.
3. Reconciliation

3.1 For current account balances, where the balance

confirmed differs from the book balances, obtain
reconciliation statement.
3.2 Compare balances as per GL (i.e. books) and bank
statements with balances appearing in the
reconciliation.
3.3 Check subsequent clearance of reconciling items (as
for other banks) and review for unusual large and old
outstanding uncleared items by reference to
appropriate original records and / or correspondence
for satisfactory explanations. Otherwise discuss with
senior management and consider for M.L.
3.4 Debit items of client (i.e. “our debits”) not responded
timely by Central Bank or “their credits” not
responded timely by client should be particularly
investigated.
3.5 Ensure that reconciliations are prepared regularly and
on timely basis and that there are no unreconciled
items.

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/5

PERIOD: ______________________________________________

SUBJECT: DUE TO / FROM CENTRAL BANK

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:

___________________________________________________________________________________________________________

___________________________________________________________________________________________________________

___________________________________________________________________________________________________________

______________ ______________ ___________ ____________

Date:____________ Signature Job Incharge Manager Partner

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