Audit Thrust Area Activities Status Issues and Concerns Risks Action Taken/to be Taken to Address Issues and

Action Taken/to be Taken to Address Issues and Risks

A. Audit of Cash & 1. Verification of Existence of 1. Delayed submission 1. Issued Checks Issues and Concerns
Cash Equivalents Cash per books as of Balance of Bank without 1. Demand submission of Bank Reconciliations
a) Cash Local Sheet Date. Reconciliations Disbursing 2. Conduct year-end cash count
Treasury 2. Verification of validity of 2. Collections are not vouchers 3. Reconciliation of Cash Book with Cash Receipts
b) Cash in Bank cash advances to Disbursing deposited intact 2. Collections Journal and Cash Disbursement Journals
Officers in accordance with daily used for
applicable laws, rules and 3. payment of Risks
regulations. vouchers. 1.
3. Proper classification, 3.
presentation and disclosure.
B. Audit of Financial
Liabilities
a. Current Liabilities 1. Verification of the validity of 1. Delayed 1. Legitimacy of Issues and Concerns
recorded liabilities, proper Recognition of obligations as 1.
classification, and Obligations of balance
completeness of subsidiary 2. sheet date.
records and disclosures 2. Unrecorded
payables
3.
b. Inter-agency payables 1. Validity of recorded 1. Delayed Remittance 1. Stop payments Issues and Concerns
(Due to BIR, GSIS, liabilities as of Balance Sheet of withheld by reason of 1.
PHILHEALTH, PAG- Date deductions to separation
IBIG) concerned agency from the
2. service
(retirement,
resignations,
death, etc.)
b. Loan Payables 1. Verification of the 1. 2. Legitimacy of Issues and Concerns
completeness and accuracy Obligations 1.
of subsidiary records and with the
disclosures applicable
laws, rules and
1. 2. Compliance with regulations
applicable laws, rules and 3. Proper
regulations recording of
amortization.