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    The audit program summarizes the objectives and procedures for auditing Grace Corporation's investments for the year ending December 31, 2019. The objectives are to verify the existence, completeness, ownership rights, valuation, and presentation of investments. The audit procedures include analytical procedures, obtaining investment listings, verifying ownership and values to general ledger balances, conducting security counts both internally and externally, reviewing documents supporting investment classifications, determining market values, verifying amortized cost calculations, and ensuring investments are properly presented and disclosed under PFRS. The audit will be conducted by staff member XMC and reviewed by the audit in-charge.

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    Audit Program for Investments

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    The audit program summarizes the objectives and procedures for auditing Grace Corporation's investments for the year ending December 31, 2019. The objectives are to verify the existence, completeness, ownership rights, valuation, and presentation of investments. The audit procedures include analytical procedures, obtaining investment listings, verifying ownership and values to general ledger balances, conducting security counts both internally and externally, reviewing documents supporting investment classifications, determining market values, verifying amortized cost calculations, and ensuring investments are properly presented and disclosed under PFRS. The audit will be conducted by staff member XMC and reviewed by the audit in-charge.

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    243 views3 pages

    Audit Program For Investments

    Uploaded by

    xstljvll
    The audit program summarizes the objectives and procedures for auditing Grace Corporation's investments for the year ending December 31, 2019. The objectives are to verify the existence, completeness, ownership rights, valuation, and presentation of investments. The audit procedures include analytical procedures, obtaining investment listings, verifying ownership and values to general ledger balances, conducting security counts both internally and externally, reviewing documents supporting investment classifications, determining market values, verifying amortized cost calculations, and ensuring investments are properly presented and disclosed under PFRS. The audit will be conducted by staff member XMC and reviewed by the audit in-charge.

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    of 3

    AUDIT PROGRAM FOR INVESTMENTS

    Client’s Name: Grace Corporation.


    Staff In-Charge: XMC
    Audit In-Charge: Cluster AAA
    Year-End Audit Date: December 31, 2019
    AUDIT OBJECTIVES AND AUDIT ASSERTIONS
    1. Audit Objective: To determine that investments in securities physically exist and in loans and
    advances exist.
    Audit Assertion: Existence
    2. Audit Objective: To determine that investments are all included in the balance sheet.
    Audit Assertion: Completeness
    3. Audit Objective: To determine that the company owns or has ownership rights to all
    investments included in the balance sheet.
    Audit Assertion: Rights and Obligations
    4. Audit Objective: To determine that investments are valued properly in accordance with
    generally accepted accounting principles.
    Audit Assertion: Valuation and Allocation
    5. Audit Objective: To determine that investments are properly described and classified in the
    balance sheet and related disclosures are adequate.
    Audit Assertion: Presentation and Disclosure

    Audit Procedures Done by Date done Reviewed by:


    1. Perform analytical XMC
    procedures
    2. Obtain or prepare a XMC
    listings of securities
    and investments
    owned by the
    company
    3. Prepare or obtain XMC
    an analysis of the
    investment account. a.
    Obtain or prepare a
    listing of securities
    and investments
    owned by the
    company and
    reconcile to the
    general ledger. b.
    Check footing and
    cross -footings.
    4. Conduct XMC
    marketable securities
    count. a. Check
    whether securities are
    owned by the entity.
    b. Reconcile with
    marketable securities
    recorded.
    5. Conduct inspection XMC
    of marketable
    securities located
    outside of the entity.
    a. Arrange a visit to
    conduct count. b.
    Confirm that the
    securities being held
    outside the entity are
    of the entit
    6. Review minutes of XMC
    the meeting and other
    documents which
    supports the purpose
    of acquiring the
    marketable securities
    to confirm as to the
    proper classification
    of the securities. a.
    Discuss with the
    entity the process
    used to classify the
    securities
    7. Determine market XMC
    values of securities at
    balance sheet date for
    proper valuation.
    8. Verify calculations XMC
    of investments at
    amortized cost. a.
    Perform recalculation.
    b. Check whether and
    impairment should be
    recognized but was
    not recognized.
    9. Check whether the XMC
    investments presented
    in the financial
    statements including
    disclosures are in
    accordance with and
    PFRS.

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