Schedule of Audit Findings and Recommendations

Areas Date Findings Effect Recommendation

1.) CDJ 5/12/16 Remark 1- Overstatement of a. Review Journalizing
A Utilities and b. Recommended
Understatement Adjusting Journal entry:
of Supplies Supplies ₱ xx
Utilities ₱
xx
To adjust
purchase of supplies.
c. Reconcile journal
entries with the actual
supplies on hand
regularly.

R 1-B Overstatement of a. Review Journalizing

Cash on Hand b. Recommended journal
entry:
Cash in Bank-LBP ₱
xx
Cash on Hand
₱ xx
To record
deposit of cash.

2) Cash 5/12/16 R3- A Understatement a. Review Posting

of Cash on Hand b. Reconcile regularly CRJ
with each book.

R3- B Overstatement of a. Review Posting

Cash on Hand b. Reconcile regularly CDJ
with cash book.
R3- C Understatement a. Review Posting
of supplies and
overstatement of
utilities
R3- D Cash is a. Review Posting
overstated by ₱ b. Reconcile amounts from
.01 CDJ with cashbook
regularly.

R3- E Cash is a. Review Posting

understated by b. Reconcile amounts from
₱25,000- CDJ with cashbook
regularly.

R3- R Misappropriated a. Proper authorization of

cash all disbursements and
receipts
b. Segregation of duties of
personnel
c. Strict implementation of
by laws on safekeeping.
WORK PLAN

Area Date Name Procedure Remarks

1) CDJ 5/12/16 Compare CDJ with a. Transactions should be
Source properly titled with their
documents(CDV, respective accounts –
Deposit Slip, utilities
Payroll) b. Bank deposit is
improperly recorded in
Cash in Bank- LBP as
credit

2) CRJ 5/12/16 Compare cash

receipt journal with -okay-
source document (
OR, Withdrawal
slip)
3) Cash 5/12/16 Compare cash a. CDV 003 January 17
book with cash regular loan of Ali Ma is
disbursement not posted in the cash
journal book

b. O.R. 1005 January 16

withdrawal is not
recorded in the book
c. Transactions should be
properly titled with their
respective accounts.
d. Payroll disbursement is
overstated by ₱ .01-
e. Overstated cash
balance in the General
Ledger due to
overstated credit by
₱25,000-
f. Cash on hand cash
book is not balanced
with the cash count with
₱15,000.01 differences.