CASH IN BANK ACCOUNT
Commission on Audit
Duty Free Philippines Corporation
Cash In Bank Accounts and Related Transactions
SUMMARY WORK PAPER ON SUBSTANTIVE TEST
Prepared By:
Reviewed By:
Approved By:
Atty. Guiller C. Magsumbol
Atty. Anthony V. Gueta
Extent of Testing
Extensive Testing
Less Extensive
Date:
Date:
Date:
3/12/2024
Substantive Test
Audit Program Reference:
___________
CIB_1.3
___________
Summary of Test Results
Audit Objectives (AO)/
Findings/Observations
Procedure
Recommendations, if
any
WP Ref No.
AOM Ref
AO: To ensure that all transactions are correctly and completely recorded; To determine whether the assets were properly valued and
accounts are accurately presented.
1.1. Obtained the General GL, FS and SLs are reconciled. None
AWP No.
None
Ledger (GL) Subsidiary Footings, and cross footings are
CIB_1.3.1 &
Ledger
(SL),
Cash corrected
CIB_1.3.5
Receipts Journal (CRJ),
Cash
Disbursements
Journals (CDJ), or their
equivalents, for the
accounts
affected.
Checked their footing
and cross footing
1.2. Performed
Test
of
Beginning Balance
No deficiencies noted.
Previous year’s audited balance
reconciled with the beginning
balance of the GL/SL.
None
AWP No.
CIB_1.3.4
None
a. Submit
the
noted
unsubmitted DVs under
Annex B and C, or
provide justification for
non-submission;
See WP on
Summary of
CheckADADRec
AOM No.
24-001
(2023)
dated
March 12,
2024
See Annex A of
AOM No. 24-001
AOM No.
24-001
(2023)
No deficiencies noted
1.3. Vouched all transactions
above
the
testing
threshold
Testing
Threshold:
P2,322,832.50
Various DV above the testing
threshold were vouched
Annex B & C shows
unsubmitted DVs, hence
constitute scope limitation
b. Henceforth,
indicate
briefly and clearly the
nature of payment of
each
disbursement
transactions
in
the
CkaDADRec; and
c. Ensures that all DVs and
its
supporting
documents
are
submitted in accordance
with
the
applicable
regulatory requirements.
1.4. Analyzed entries in the
JEVs against the entries
posted in the GL;
Improper Recognition of
Gain/Loss on Foreign
Exchange from Peso
Direct the Accounting
Division to henceforth,
align their accounting
CASH IN BANK ACCOUNT
Performed
Recomputation
1.5. Obtained
Bank
Reconciliation
Statements (BRS) and
checked and validated
reconciling items.
Deposit transactions was
noted
Delayed Submission of the
monthly Bank Reconciliation
Statements (BRSs) impeded the
timely verification of the
accuracy and completeness of
the reconciliation made
Aged
outstanding
checks and list down the
staled ones.
procedures with PAS 21,
thereby ensuring accuracy
and reliability of the
financial records on
Gain/Loss on ForEx,
particularly addressing the
translation of foreign
currency transactions to
peso currencies and not
the other way around.
Instruct the Accounting
Division to adopt a practice
of consistently preparing
and submitting the BRSs
along with their supporting
documents
(e.g.
bank
statements,
subsidiary
ledgers, credit memo, debit
memo, etc.), on a regular
monthly basis, to facilitate
the
identification
of
reconciling items and to
enable the audit team to
verify the reconciliation in a
timely manner.
AO: To ensure all the required disclosure are properly presented in the Notes to Financial Statements.
1.6. Ensure that all disclosures DFPC were able to disclose all None
required in relevant PFRS the required information.
or PAS were presented in
the financial statements.
No deficiencies noted
AO No. 5: To ascertain that the PY Recommendations affecting all assertions were implemented.
1.7. Verification of Prior Year’s All recommendations in prior None
Audit Observation
years
were
implemented
(2023) dated
March 12, 2024
dated
March 12,
2024
See AOM No. 24001 (2023) dated
March 12,
2024Observation
No, 4
AOM No.
24-001
(2023)
dated
March 12,
2024
CIB_1.3.5
None
APMT
None
No deficiencies noted
Prepared By:
Atty. GUILLER C. MAGSUMBOL
OIC-Audit Team Leader
Reviewed By:
Approved By:
Atty. ANTHONY V. GUETA
OIC-Supervising Auditor