A.

Introduction
A.1.Background

State the DOT Office Order on the creation and composition of the audit team.

B. Audit Scope and Period Covered

Financial audit of CY 2020 Financial Statements

C. Significant Milestones

Target Date to Accomplish

WP
Phase Activities Expected Output Person Responsible March April May Docum
Ref.
1 2 3 4 1 2 3 4 1 2 3 4 ents
A. PLANNING
Prepare a report on the understanding of the
client's business, including the company profile, - AA Belen
1 Understanding the
mission and vision, essential information, and the - AA Tactatc
Auditee
department of tourism's organizational structure.
Analytical procedures should be performed on all
account balances at the financial statement level. - AA Monato
2 Analytical Procedure
In assessing possible risks, consider the - AA Mercado
understanding of the nature of the DOT's business.
 Target Date to Accomplish
WP
Phase Activities Expected Output Person Responsible March April May Docum
Ref.
1 2 3 4 1 2 3 4 1 2 3 4 ents
Prepare a risk assessment for each account level
based on the information provided in the
unaudited account balances, inherent risk
assessment, and evaluation of DOT's internal
controls, overall risk of material misstatement, Risk Assessment
- AA Regala
3 and the level of substantive tests required. Procedure/Results of
- AD Japus
Prepare a risk assessment summary by account Risk Assessment
and assertion. (To be completed immediately
following the analytical procedures and
concurrently with the internal control
questionnaire).

Obtain a list of all applicable internal controls for

Internal Control
4 each account level chosen. Assess and indicate
Questionnaire
whether or not the client has complied.

Create an audit program based on the risk

assessment to meet the audit objectives. To carry
out the audit, create detailed and understandable - AP Adaniel
5 Audit Program
step-by-step audit procedures. Include the account - AP Saclolo
title, audit assertions, audit objectives, audit risks,
and audit procedures.

Documentation of overall audit strategy and

6 Overall Audit Strategy - AA De Vera
activities, as well as audit plan output

B. EXECUTION
Conduct the audit in compliance with the
Working Papers by
1 approved overall audit strategy and audit
account
program.
 Target Date to Accomplish
WP
Phase Activities Expected Output Person Responsible March April May Docum
Ref.
1 2 3 4 1 2 3 4 1 2 3 4 ents

Conduct a variance and tie-in analysis on the final Working Papers on

2
financial statements. Financial Analysis

Examine financial statements and notes to

financial statements for compliance to the Summary of notes for
3
presentation and disclosure criteria of the review
Philippine Financial Reporting Standards (PFRSs).

Provide a summary of the suggested audit

Summary of proposed
4 adjustments and assess the impact in the audit
audit adjustments
opinion.

Summary of Audit
Make a summary of the audit findings and
5 Observations and
recommendations.
Recommendations

Create a recommendation tracking sheet that

Recommendation
6 includes the control number and implementation
Tracking Sheet
deadline.

Minutes of exit
7 Conduct exit conference.
conference

C. REPORTING

Secure a Management Representation Letter dated Management

1
close to the audit report's due date. Representation Letter

Prepare the annual audit report, which should

2 include a section on the findings of the internal Draft AAR
control review.
 Target Date to Accomplish
WP
Phase Activities Expected Output Person Responsible March April May Docum
Ref.
1 2 3 4 1 2 3 4 1 2 3 4 ents

3 Submit a draft report to the Director for approval.

Draft Report
Submit a draft report for approval to the
4
engagement partner.

Final AAR and signed

5 Complete the AAR and sign the IAR.
IAR

Duly received
6 Submit the audit report to the upper management.
Transmittal Letter

Working papers are collected, organized, and Duly indexed Working

7
archived. Papers