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
1. Perform analytical
procedures
2. Obtain or prepare a
listings of securities
and
investments
owned
by
the
company
3. Prepare or obtain
an analysis of the
investment account. a.
Obtain or prepare a
listing of securities
and
owned
investments
by
the
Done by
XMC
XMC
XMC
Date done
Reviewed by:
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.