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Audit objectives where we undertake a substantive approach

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Audit objectives where we undertake a substantive approach

A.1      Description of accounting activities

Our documentation in this section may be in a narrative form using bullet points or paragraphs, or may be documented in a flow chart.  The form and content of this documentation is influenced by the nature, size and complexity of the entity and its environment and the availability of information from the entity.  The Audit Program may be cross-referenced to suitable documentation of the accounting activities provided by the entity.


For all other documentation considerations, see the guidance in the individual sections below.

Other account balances

Our documentation of accounting activities for those significant account balances that do not result from estimates, and where we are not testing the related classes of transactions, covers the activities over ensuring that the period end account balance is not significantly misstated.

Activities over ensuring that the period end balance is not materially misstated

Please refer to O10.


A.2      Substantive audit procedures [KAM ]

We assess the inherent risk for the audit objective and provide a rationale for the related assessment.  Where we do not evaluate the design and implementation of controls for a particular audit objective, the assessment of RoSM is based on the assessment of inherent risk. [KAM ]

Effective entity level controls support the risk of significant misstatement assessments.  However, deficiencies in entity level controls could undermine the effectiveness of some of the control activities and therefore may require us to amend upwards our assessment of the risk of significant misstatement for some or all audit objectives.

Rationale for RoSM assessment

RoSM

Inherent risk

Low

Cash balances represent a significant balance sheet item. Also loans used by the Company during the year generated a significant interest expense. However, we consider that the risk is low as management has a hand on approach and review of cash position is made as part of their involvement in the day to day running of the business. All account ledgers at year end were signed for approval by responsible person and finance manager.

Low

We document substantive audit procedures, which include substantive analytical procedures and/or tests of details.  We consider the sufficiency and appropriateness of the substantive audit evidence that is planned to be obtained from substantive analytical procedures before determining the extent of tests of details.

If we decide to test journal entries, we consider whether to include tests of journal entries and other adjustments in the tests of details in this section of the Audit Program.  Journal entries relevant to regular processing of significant accounts are normally documented and tested as part of the audit objectives relating to the relevant significant accounts in the relevant Audit Program.  “Topside” or non-routing journal entries processed during the preparation of the financial statements would normally be considered in the Financial Reporting Audit Program.

Nature and extent of audit procedures [KAM ]

Significant
account /
disclosure

C

E

A

V

O

P

Done by and date

W/P
Ref

Substantive analytical procedures [KAM ]

N/A

Tests of details [KAM ]

1. Send bank confirmations. Reconcile responses with the cash balances per accounts. Review the bank confirmations received to identify any restricted cash, guarantees

512

x

x

x

VT/March 4, 2008

O20

2. Ensure hard currency balances are correctly revalued using year end exchange rate.




512

x

x

VT/March 4, 2008

O20

3. Perform a summary of new loan contracts or addendum dated 2007.

x

x

x

4. For deposits (a/c 508) obtain bank confirmation and insure that related interest revenue was accrued for as at 31 Dec 2007.

x

x

x

x

VT/March 4, 2008

O30

5. Inquire and review bank confirmation for restricted cash as of  31 December 2007

6. Obtain petty cash register as of 31 December 2007 and reconcile with TB

531

7. Obtain detail of forward transactions during 2007 and asses FX gains/losses.

Update and amend, if appropriate, the assessment of RoSM and the rationale, and re-evaluate the planned audit procedures.









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