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

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Session 3.2: Conduct Preliminary Risk Assessment Exercise Seminar on Financial Audit Manual Page 1 EXERCISE 3.2-B Prepare the Summary Report on the Preliminary Assessment of Risks OBJECTIVE: The objective of this exercise is to enable the participants to prepare the Summary Report on the Preliminary Assessment of Risks using the information gathered from the 3 financial source categories. Time Required: 90 Minutes Group Work 40 Minutes Presentation of Output 20 Minutes Total 60 Minutes INSTRUCTIONS: 1. Work with the participants in your table. 2. Accomplish the Summary Report on the Preliminary Assessment of Risks incorporating all relevant financial information gathered from the 3 categories 3. The following are the information gathered by the XYZ Audit Team during the preliminary planning stage of the audit for KC-NCDDP. a) Only 47.39 percent or 272 Sub-Projects (SPs) costing P329.081 million were completed, out of the 574 SPs validated with project cost of P696.591 million, thus short of the 70% ABC poverty alleviation program Intermediate Outcome Indicator for CY 2017, due to: (a) lack of assistance and monitoring by the Project Monitoring personnel to the
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