Professional Documents
Culture Documents
Apg - Iod
Apg - Iod
STDS
BS 7799
STDS
AUDIT OBJECTIVES/PROCEDURES
General Objectives:
1. To check on the reliability of financial
records.
2.
3.
4.
W/P
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
ISO
STDS
BS 7799
STDS
AUDIT OBJECTIVES/PROCEDURES
W/P
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
IMPORT TRADE TRANSACTIONS a flow of goods/ bringing in of goods into the country from a foreign
source. Imports may be paid via:
A.
Letters of Credit
B.
Documentary Collections
Document against Payment (DP)
Document against Acceptance (DA)
Open Account Arrangement (OA)
Direct Remittance
Consignment
ISO
STDS
BS 7799
STDS
AUDIT OBJECTIVES/PROCEDURES
2.
AMLA
Cir 1389
Sec 9
Cir 1389
Sec 9;
Cir407
Cir 1389
b. Firm
offer/Pro-forma
Invoice
containing information on specific
quantity of the importation, unit cost
and
total
cost,
complete
description/specification
of
the
commodity
and
Phil.
Standard
Commodity Classification code
W/P
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
ISO
STDS
BS 7799
STDS
Appendix
1
MAAB
dated
09.26.90
AUDIT OBJECTIVES/PROCEDURES
c.
6.3
6.4
6.5
6.6
6.7
W/P
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
ISO
STDS
BS 7799
STDS
AUDIT OBJECTIVES/PROCEDURES
10.3
10.4
BSP Cir.
No.909
Sec 9
Cir 844
USC No.
265/99
12.2
W/P
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
ISO
STDS
BS 7799
STDS
AUDIT OBJECTIVES/PROCEDURES
12.3
12.4
12.5
2.
3.
4.
Letter of Indemnity
Trust Receipt (in case client has no TR
line, ascertain whether full payment of
the Customer Liability Account (CLS)
was required prior to the issuance of
the SG.)
Copy of Bill of Lading
W/P
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
ISO
STDS
BS 7799
STDS
AUDIT OBJECTIVES/PROCEDURES
5.
W/P
6.
7.
Ascertain correctness of
collected from the client.
8.
the
charges
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
ISO
STDS
BS 7799
STDS
AUDIT OBJECTIVES/PROCEDURES
Timeliness of booking.
W/P
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
ISO
STDS
BS 7799
STDS
AUDIT OBJECTIVES/PROCEDURES
Notes:
Clients account debited vs. credit to CLIB for sight
LC or Due to FX Banks for usance LC
(corresponding set-up to CLUAF and related
Outstanding Acceptances GL accounts also
W/P
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
ISO
STDS
BS 7799
STDS
AUDIT OBJECTIVES/PROCEDURES
W/P
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
ISO
STDS
BS 7799
STDS
PD 115 or
TR law
AUDIT OBJECTIVES/PROCEDURES
Credit pol.
category
C
CPB No.
93/004;
2002/016
2.
3.
4.
W/P
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
ISO
STDS
BS 7799
STDS
AUDIT OBJECTIVES/PROCEDURES
CPB
93/004 :
3.12.93
5.
Goods subject of TR
4.1 Check whether only goods under
Section 4 of PD No. 115 (Trust
Receipt Law) were accepted under
the Trust Receipt Agreement.
4.2 Importation covering capital goods
are subject to the following:
6.
W/P
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
ISO
STDS
BS 7799
STDS
AUDIT OBJECTIVES/PROCEDURES
7.
W/P
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
8.
1)
2)
3)
4)
5)
Document against Payment (DP) bank advise importer of the receipt of the complete original shipping
documents and shall effect the release of said documents to importer upon receipt of payment. Bank
shall remit payment to the seller thru the correspondent bank abroad.
Document against Acceptance (DA) shipping documents are released to the importer by the local
bank thru the sellers bank upon the importers acceptance of the sellers bill of exchange obligating
importer to pay for the shipment at some future date.
Open Account arrangement (OA) - the shipping documents are sent and released by the seller directly
to the importer without coursing the documents thru the banks upon importers promise to pat at some
future date after shipment.
Direct Remittance Exporter sends documents directly to importer. Importer presents copies of the
documents and an application for foreign exchange to the bank when ready to pay. Bank then remits
proceeds to exporter according to instructions.
Consignment goods are not sold to importer but entrusted only by exporter to importer to sell. Title of
goods remains with exporter until sold.
DA/DP/OA/Direct remittance transactions are booked under contingent account Inward Bills for Collection
with sub-classification if DP/DA/OA.
AUDIT PROCEDURES
1. Obtain subsidiary ledger of all outstanding
inward bills for collection and tally the
same against GL balance as of audit cutoff date.
2. Check whether documents received were
stamped with a date of receipt and
recorded in the register (with IB reference
no.).
3. Determine whether all items recorded per
ISO
STDS
BS 7799
STDS
AUDIT OBJECTIVES/PROCEDURES
CB Cir
No.419
series
2004
Should be duly
accomplished/ signed by the importer
and assigned with reference Bank
Reference No.
Submitted to BSP
within 5 banking days after the end of
the reference week
Importations listed in
the RGI should tally with those of the
DA documents.
W/P
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
ISO
STDS
BS 7799
STDS
AUDIT OBJECTIVES/PROCEDURES
W/P
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
ISO
STDS
BS 7799
STDS
AUDIT OBJECTIVES/PROCEDURES
W/P
MOR Sec
X347.1 & .
2
CPG
98/003
opened
has
MOR Sec
X347.1
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
ISO
STDS
BS 7799
STDS
AUDIT OBJECTIVES/PROCEDURES
W/P
Draft
Comm
ercial Invoice
Purch
ase Order/ Firm Offer
Insura
nce Certificate (if any)
Letter
of Indemnity from the client duly
signature verified.
Such
other documents required by ELC.
Inform
ation Sheet
Report
of Foreign Sales
Export
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
ISO
STDS
BS 7799
STDS
AUDIT OBJECTIVES/PROCEDURES
W/P
Declaration
Custo
m Invoice
c.
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
ISO
STDS
BS 7799
STDS
AUDIT OBJECTIVES/PROCEDURES
W/P
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
ISO
STDS
BS 7799
STDS
AUDIT OBJECTIVES/PROCEDURES
9.
10.
OTHER FUNCTIONS
CABLE SECTION
1. Ascertain whether computer terminals
were
properly
safeguarded
against
unauthorized access. Observe logging in
the MERVA system and check compliance
to
Confidentiality of Encoder/ Officers
password
Logging-off of computer terminals
when not in use.
2. Inquire and evaluate procedures in
monitoring including distribution and
reconciliation
of
incoming
SWIFT
messages.
Test-check to validate.
3. Ascertain whether control in the use of
swift facility were strictly observed:
Authorization of second officer on
outgoing
payment
messages
amounting to $5,000 and above.
Total outgoing messages per Traffic
Reconciliation were accounted against
W/P
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
ISO
STDS
BS 7799
STDS
AUDIT OBJECTIVES/PROCEDURES
duplicate
copies
of
messages
approved by officer.
No sending of message type (MT)
202 (authority to remit funds to a third
bank) to avoid double payment of
Import Bills.
1.
2.
3.
W/P
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
ISO
STDS
BS 7799
STDS
Cir 1389
Part 4
AUDIT OBJECTIVES/PROCEDURES
2.
3.
W/P
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
ISO
STDS
BS 7799
STDS
AUDIT OBJECTIVES/PROCEDURES
On MPVR:
1. Check compliance to MPVR requirement.
2. Scan MPVRs and review long outstanding
material differences reported by the unit.
Check disposition/ adjustments made.
3. Check disclosure in the MPVR any SL/GL
discrepancies noted as of audit cut-off date.
Other Assets/Other Liabilities
1. Obtain Subsidiary Ledgers and compare
against GL Balances
2. Ascertain propriety of items composing the
account and verify authorization thereof.
3.
W/P
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
ISO
STDS
BS 7799
STDS
AUDIT OBJECTIVES/PROCEDURES
W/P
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT
ISO
STDS
BS 7799
STDS
AUDIT OBJECTIVES/PROCEDURES
W/P
LEVEL /RESULT OF
TESTS (TO INDICATE
POPULATION, SAMPLE &
BASIS) AND
ASSESSMENT