Solution 3.2-B.pdf - Session 3.2 Conduct Preliminary Risk...

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Session 3.2: Conduct Preliminary Risk Assessment Solution Seminar on Financial Audit Manual Page 1 Exercise 3.2-B Preliminary Assessment of Risks Template Sources Issues/Conditions Amount Involved (in PhP) Accounts Affected Possible Risk Audit Assertions Affected Category 1 a) Performance Audit Report/ VFM (a) lack of assistance and monitoring by the Project Monitoring personnel to the implementing partner/barangays; and, (b) delayed downloading of community grants to the IP/Barangays, especially the 2nd tranches, - Financial Assistance Not all financial assistance are recorded in the books Completeness b) Cash Examination Reports Cash Disbursements Record (CDRec) was not maintained by the Accountable Officer (AO) - Advances to SDOs Not all expenses are recorded as they are incurred Long outstanding/unliquidated CAs Occurrence Completeness Lapses on the grant, utilization, recording and liquidation of the cash advances resulted to a shortage.
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