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Client______________________ Period:___/___/_____to___/___/_____
Location ______________
Individual balances
3. Reconcile the control accounts in general ledger with the lists of individual
balances obtained in step 1 above.
4. Trace items on the lists with the detailed records and vice-versa. Extent of
check:
5. Trace the entries in the control accounts in general ledger with the detailed
records and vice-versa, and inquire into any unusual entries in the control
accounts. Extent of check:
(6)
* alternatively confirm with a tick mark ‘’ for audit steps where the preparation of a separate W.P. is
not relevant or state ‘NA’ if not applicable
Prepared by: Reviewed by:
A
Date: Date:
AFF & Co. Loans and advances F
Client______________________ Period:___/___/_____to___/___/_____
Location ______________
Confirmations (contd.)
* alternatively confirm with a tick mark ‘’ for audit steps where the preparation of a separate W.P. is
not relevant or state ‘NA’ if not applicable
Prepared by: Reviewed by:
A
Date: Date:
AFF & Co. Loans and advances F
Client______________________ Period:___/___/_____to___/___/_____
Location ______________
Doubtful accounts
9. Determine whether the list of doubtful accounts obtained in step 1
above, is complete and has been prepared after giving due consideration
to:
i) large balances;
ii) old balances;
iii) cash collections subsequent to the year end;
iv) accounts that appear to be disputed;
v) unusual variation in balances;
vi) any evidence of party’s inability to comply with credit terms; and
vii) any security given.
10. Where provisions have been made according to some formula, determine
whether the formula used is :
i) consistent with past years; and
ii) appropriate to the circumstances of the business.
11. Reconcile the current year’s list of doubtful accounts with that of the
previous year and inquire into items omitted.
(12)
* alternatively confirm with a tick mark ‘’ for audit steps where the preparation of a separate W.P. is
not relevant or state ‘NA’ if not applicable
Prepared by: Reviewed by:
A
Date: Date:
AFF & Co. Loans and advances F
Client______________________ Period:___/___/_____to___/___/_____
Location ______________
17. In respect of bills which have matured subsequent to the year end, ensure
that they were settled on due dates along with the interest thereon, by
checking the items in the bank book and the bank statement. Extent of
check:
18. In respect of bills which have not matured at the time of completion of the
audit:
18a. Inquire whether there is any reason to doubt their settlement in full on
due dates. Extent of check:
18b. Check the creditworthiness of the relevant party by reference to
correspondence, inspection of securities given or other evidence. Extent
of check:
(18c)
* alternatively confirm with a tick mark ‘’ for audit steps where the preparation of a separate W.P. is
not relevant or state ‘NA’ if not applicable
Prepared by: Reviewed by:
A
Date: Date:
AFF & Co. Loans and advances F
Client______________________ Period:___/___/_____to___/___/_____
Location ______________
23. Ensure that the loans made are within the powers of the company as laid
down in its memorandum and articles of association.
Secured loans and advances
24. Inspect the securities, collaterals and other documents of title and
ensure that the security in respect of secured loans and advances
is adequate and title is clear. Extent of check:
(24)
* alternatively confirm with a tick mark ‘’ for audit steps where the preparation of a separate W.P. is
not relevant or state ‘NA’ if not applicable
Prepared by: Reviewed by:
A
Date: Date:
AFF & Co. Loans and advances F
Client______________________ Period:___/___/_____to___/___/_____
Location ______________
Capital advances
28. Scrutinise the lists obtained in step 1 above and identify capital advances.
Ensure that such advances have been shown separately in the accounts.
Extent of check:
Agreement with the accounts
29. Agree the figures in the lists obtained in step 1 above with the accounts.
30. Ensure that the comparative figures in the accounts agree with the previous
year’s accounts.
31. Ensure that the inter-divisional balances are netted off and do not appear in
the accounts.
32. Ensure that the credit balances have been reclassified as creditors.
(33)
* alternatively confirm with a tick mark ‘’ for audit steps where the preparation of a separate W.P. is
not relevant or state ‘NA’ if not applicable
Prepared by: Reviewed by:
A
Date: Date:
AFF & Co. Loans and advances F
Client______________________ Period:___/___/_____to___/___/_____
Location ______________
* alternatively confirm with a tick mark ‘’ for audit steps where the preparation of a separate W.P. is
not relevant or state ‘NA’ if not applicable
Prepared by: Reviewed by:
A
Date: Date:
AFF & Co. Loans and advances F
Client______________________ Period:___/___/_____to___/___/_____
Location ______________
Further procedures
* alternatively confirm with a tick mark ‘’ for audit steps where the preparation of a separate W.P. is
not relevant or state ‘NA’ if not applicable
Prepared by: Reviewed by:
A
Date: Date:
AFF & Co. Loans and advances F
Client______________________ Period:___/___/_____to___/___/_____
Location ______________
(47)
* alternatively confirm with a tick mark ‘’ for audit steps where the preparation of a separate W.P. is
not relevant or state ‘NA’ if not applicable
Prepared by: Reviewed by:
A
Date: Date:
AFF & Co. Loans and advances F
Client______________________ Period:___/___/_____to___/___/_____
Location ______________
Conclusion:
* alternatively confirm with a tick mark ‘’ for audit steps where the preparation of a separate W.P. is
not relevant or state ‘NA’ if not applicable
Prepared by: Reviewed by:
A
Date: Date: