Exercise 4.2-C.pdf - Session 4.2 Communicate and Summarize...

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Session 4.2: Communicate and Summarize Audit Observations and Recommendations Exercise Seminar on Financial Audit Manual Page 1 Exercise 4.2.C Writing an Audit Observation Memorandum Objective: To test whether the participants can write an AOM containing the elements of an audit observation with appropriate audit recommendations Time required: Individual Reading : 10 minutes Group Work : 25 minutes Review Discussion in Plenary : 25 minutes Total : 60 minutes Instructions: 1. Go over the given situations. 2. Based on the information presented, identify the elements of an audit observation (criteria, condition, cause, and effect). 3. Prepare an AOM using the COA template for AOM. Formulate appropriate recommendations. 4. Write your group output on a kraft paper or thru electronic copy to be displayed during the presentation. Situations: As of December 31, 2017, the LCCA cash accounts of Agency X has a balance of P396.50M per book. The balance per bank as at year-end is P657.45M. The A gency’
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