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    Audit Program

    Uploaded by

    Zoha Khaliq
    This audit program summarizes the objectives and procedures for auditing purchases and trade payables for an advance audit course assignment. The objectives include checking that purchases are properly authorized and recorded, payments are made on time, trade payables include all supplier obligations, and payables are accurately valued and classified. The procedures outline steps to check documents like invoices, purchase orders, and credit notes, as well as confirming balances, recomputing amounts, and physically verifying assets to meet the objectives.

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    © All Rights Reserved
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    Audit Program

    Uploaded by

    Zoha Khaliq
    181 views4 pages
    This audit program summarizes the objectives and procedures for auditing purchases and trade payables for an advance audit course assignment. The objectives include checking that purchases are properly authorized and recorded, payments are made on time, trade payables include all supplier obligations, and payables are accurately valued and classified. The procedures outline steps to check documents like invoices, purchase orders, and credit notes, as well as confirming balances, recomputing amounts, and physically verifying assets to meet the objectives.

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    Audit program

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    This audit program summarizes the objectives and procedures for auditing purchases and trade payables for an advance audit course assignment. The objectives include checking that purchases are properly authorized and recorded, payments are made on time, trade payables include all supplier obligations, and payables are accurately valued and classified. The procedures outline steps to check documents like invoices, purchase orders, and credit notes, as well as confirming balances, recomputing amounts, and physically verifying assets to meet the objectives.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    181 views4 pages

    Audit Program

    Uploaded by

    Zoha Khaliq
    This audit program summarizes the objectives and procedures for auditing purchases and trade payables for an advance audit course assignment. The objectives include checking that purchases are properly authorized and recorded, payments are made on time, trade payables include all supplier obligations, and payables are accurately valued and classified. The procedures outline steps to check documents like invoices, purchase orders, and credit notes, as well as confirming balances, recomputing amounts, and physically verifying assets to meet the objectives.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    ASSIGNMENT # 03

    NAME: TOOBA TARIQ

    STUDENT ID : 61034

    Course: Advance Audit

    SUBMITTED TO: SIR


    YASIR GHOURI
    AUDIT PROGRAM
    PURCHAES AND TRADE PAYBLES

    PURCHASES:
    OBJECTIVES PROCEDURE
    To Check that the payments are made To check the bills and receipt against
    on due dates and the available those asset.
    quantity discounts or cash discounts
    are availed.
    To Check completeness received with We will check it through invoice.
    PO quantity We will check the purchase order list.
    We will physically count it.
    To Check the valuation of fixed asset. To Check the Review system for
    authorising bills.
    To Check POs are properly raised and We will check it through the
    authorised. documents of the asset and confirm it
    by the owner of the asset.
    To check the valuation of purchases We will check the invoices of the
    that it will be recorded properly. purchases

    To Check fixed asset owned by the We have to check it through the


    owner documents of the asset and can
    confirm it by the external person.
    To Check the presentation of To check the presentation of
    purchases that it will be maintained purchases in balance sheet is
    properly. according to IFRS.also check it
    presentation in financial notes that it
    made properly or not to given
    standard.
    To check that the Inventory Properly We will check it through invoice.
    recorded of the material received and We will check it through transaction
    recording and which recorded.
    classification of the same.
    To check the valuation of the We have check the valuation of fixed
    purchase order should be clearly and asset through documents and
    properly marked so there are no invoices as well.
    discrepancies /after payments made.
    If any changes are made to the We will check it through good
    purchase order, they should be noted receiving notes.
    in writing and supplier That if there is any change made is it
    by the customer, such as signing off written there .
    on it
    To Check A manufacturing company is We will check the fixed asset register
    that where a raw materials are and balance sheet.
    converted into final product by Check the asset physically.
    applying certain manufacturing We will check the purchases of the
    process asset.
    To check the payments for these We will check it through the receiving
    purchases are made as per the notes and match it with our
    authorisation and within due-dates purchasing order.
    To check all purchases, receipt & issue We will check the transaction of
    of material and payments are purchaing through ledger.
    accounted for in the books of We check the asset physically.
    accounts properly under proper
    ledger accounts.

    TRADE PAYBLES:
    OBJECTIVES PROCEDURE
    To check Trade payble include all We will check receiving notes .
    obligation owned to supplier at the
    reporting date.

    To Check Trade Payble are obligation This will be confirm through


    owned by the company. documents of ownership.
    To Check Trade payble are presented Re-computation by the system of
    at the appropriate amount. manually.
    We will check the Voucher for this
    objective.
    Trade payble are properly described We will do Inquiry
    and classified in ststement of financial Scanning ledger for proper
    position and their disclosure are classification and description,
    correct. To check the notes that it made on
    the requirement of IFRS.
    To check trade payble are valid We will confirm it externally.
    obligation to supplier at the reporting We will check it through vouching.
    date.
    To check the trade payble are We will check invoice.
    accurately valued.
    To check the accuracy of trade payble We will match the recorded value
    are correctly recorded. with the payble amount of goods.
    To check the existence of trade We will check the credit notes.
    payble is actually occurred. We will check the asset physically for
    confirmation of credit made.

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