SIXTH SENSE COMPANY

AUDIT PROGRAM REF#:

Name of Objective: Owners Capital Type of Procedure: Substantive

Procedure

Audit Entity: WP Reference:

Audit Project Prepared by:

Time Period: Checked by:

Budgeted Time: Approved by:

AUDIT TEAM

Name Initials
Audit manager:
Team Leader:
Auditor (s):

AUDIT OBJECTIVES: TO VERIFY WHETHER,

Existence or Occurrence To determine the validity of recorded

Completeness
Rights and Obligation
Valuation or Allocation
Presentation and
Disclosure
shareholders equity balances and whether the
transactions actually occurred.
To determine whether recorded shareholders
equity accounts reflect all data that should be
recorded.
To determine whether the entity has the
authority and execute the shareholders equity
transactions, e.g., whether share capital was
legally issued and shareholders have a legal
claim on corporate assets at the balance sheet
date.
To determine whether the shareholders equity
balances are shown in the proper statement
amounts in accordance with PAS/PFRS.
To determine that the shareholders equity
accounts are properly presented in the
statement of financial position.
 AUDIT PROCEDURE

For Selected Samples/Task Title Budgeted Actual By/ Ref w/p

Time Time Initials
Existence or Occurrence:
Obtain schedules of
shareholders equity
accounts and reconcile to
the general ledger
balances.
Review authorizations and
term of share issues.
Confirm shares outstanding
with registrar on share and
transfer agent.
Inspect share certificate
book.
Inspect certificates of
shares held in treasury.
Completeness:
In addition to the above
mentioned procedures
perform analytical review
procedures.
Rights and Obligations:
Review articles of
incorporation and by laws.
Make inquiries of legal
counsel.
Valuation or Allocation:
Vouch share capital
entries, dividend entries
and entries to retained
earnings.
Presentation and Disclosure:
Review minutes if board
directors and
shareholders meetings for
share options and dividend
 restrictions.
Evaluate financial
statement presentation
and disclosure for
shareholders equity
accounts.

Conclusion
Yes No W/P
ref
1. Amounts and other data relating to recorded
transactions
and events have been recorded
appropriately

2. Transactions and events have been recorded

in the proper
Accounts Financial information is
appropriately presented and disclosures are
clearly expressed

3. All transactions and events that should have

been recorded
Have been recorded.
All required disclosures have been included
in the financial
statements

4. Transactions have been effected in

compliance with relevant
laws, legislations or regulations
Compliance with prescribed standards in
terms of disclosure
of assets, inventory and liabilities

5. Transactions and events have been recorded

in the correct
accounting period

6. Transactions and events that have been

 recorded and
disclosed have occurred and pertain to the
entity

7. Transactions or events relating to the

acquisition of goods
and services represent the economical
acquisition as well as
efficient and effective use of resources