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AUDIT PROGRAM
Audit Entity: GOG WP Reference: Audit Project : Grenada National Stadium Authority
Prepared by:
Time Period: Checked by:
Budgeted Time: Approved by:
Audit Team Name Initials Audit manager: Team Leader: Auditor (s):
Audit Objective (s): To verify whether; Amounts and other data relating to recorded transactions and events have been recorded appropriately [Accuracy (Measurement)] Transactions and events have been recorded in the proper accounts Financial information is appropriately presented and disclosures are clearly expressed [Classification] All transactions and events that should have been recorded have been recorded. All required disclosures have been included in the financial statements [Completeness] Transactions have been effected in compliance with relevant laws, legislations or regulations Compliance with prescribed standards in terms of disclosure of assets, inventory and liabilities [Compliance] Transactions and events have been recorded in the correct accounting period [Cut-off] Transactions and events that have been recorded and disclosed have occurred and pertain to the entity [Occurrence] Transactions or events relating to the acquisition of goods and services represent the economical acquisition as well as efficient and effective use of resources [Value for money]
Audit Procedures
Audit Procedures Budgeted Time
Actual Time
By/ Initials
Ref w/p For a selected sample of acquisitions Determine whether the selected supplier was listed on the approved suppliers’ list /database. [VFM] Confirm whether quotes, tenders were invited as per appropriate legislation or policy of the institution. [Compliance] Determine whether all supporting documents are on file, including contracts/agreements an order form, invoice, goods received note and payment advice. [Occurrence] Match the details on the order form, invoice, goods received note and payment advice and check consistency of quantities, amounts, date and the name of the supplier. [Accuracy, Occurrence] Trace payment advice to the actual payment on the ledger to ensure that payment was made. [Occurrence] Confirm that the order form and the payment advice have the signature of the properly delegated person as approval. [Occurrence] Compare the ledger entry to the amount on the invoice and confirm that the acquisition was recorded at the correct amounts. [Accuracy] Confirm that the payment / acquisition were allocated to the correct ledger account. [Classification] Compare the dates on the invoice and the recording on the ledger and determine whether the transaction was recorded in the correct period and whether payment was made within a reasonable time. [Classification] Compare the date of payment and the date for the receipt of invoice and determine whether payment was made after the due date or within a ‗reasonable ‘time from the receipt of invoice. [Compliance, VFM] For selected period(s):
Account for the numerical sequence of the goods received notes. [Completeness] Trace goods received notes to the ledger and determine whether all goods received were recorded. [Completeness]
For selected sample of acquisitions where tenders/bids were invited:
