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Philippine International Trading Corporation Audit Program
Philippine International Trading Corporation Audit Program
AUDIT PROGRAM
Audit Focus
(Area/Account):
Accounts Payable
Account Description:
Trade Payables are present obligation of the Corporation arising from past
event, the settlement of which is expected to result in an outflow of resources.
This account consists of unpaid charges and purchases from suppliers of
items for sale of the following PITC business units such as Government
Procurements, Exports.
Risk Statement/s:
There may be balances of payables that do no longer exist.
Not all unpaid balances of the suppliers and contractors are included.
Payables may not be correctly valued in conformity with PFRS.
To confirm whether the entity does have a right over these accounts and that
third parties do not have claims over such assets.
Payables may not be properly presented and adequately disclosed in the
financial statements in conformity with PFRS.
Audit Objectives:
To ascertain that the recorded payables represent the obligations of PITC for
actual goods and services delivered by the suppliers/contractors.
To ascertain that all obligations to suppliers/contractors are completely and
accurately recorded.
To confirm whether amounts reported in the books represent the amount at
which the accounts payable are actually collectible.
To determine that payees are valid claimants.
To determine whether obligations for goods and services are paid when due.
To ascertain that payables are properly presented and adequately disclosed
in the financial statements.
Man-days
Assertion/s Audit Procedures WP Person
Ref Estimated Actual Responsible
Completeness, Agree/reconcile the account payable
Valuation ledger balances to accounts
payable control account and
schedule of sub-accounts.