AUDIT REQUIREMENTS

1. Trial Balance as of December 31, 2015 and year-end adjustments including supporting documents for major adjustments
Account Description

Debit

Credit

2. Cash and Cash Equivalents

Schedule of Cash on hand and in Bank

Bank reconciliation statements
PER BANK
P xxx
xxx
P xxx

Unadjusted Balance
Add (Deduct) reconciling items
Adjusted balance

PER BOOK
P xxx
xxx
P xxx

Copies of bank statements/passbook and returned checks

Schedule of short term investments
Copies of short term investment certificates
Bank confirmations and replies to verify cash in bank balances and short term investments

3. Trade and Other Receivables

Schedule of A/R trade
Schedule of Advances
Schedule of AR-others
Estimate of uncollectible accounts
Aging of Receivables
< 1 year

1 to 3< years

3 to 5< years

Confirmation and replies to verify selected accounts

4. Inventories
Inventory listing
Description

Location

No. of units

Cost per Unit

Total

Finished
In process
Raw materials

5. Property Development Costs (if applicable)

6. Prepayment and Other Current Assets - Schedule
Date

Particulars

Reference

Period Covered
From

To

Amortization

Prepaid as of 12.31.15

7. Property and Equipment- (Lapsing schedule for PPE owned and another for PPE under capital lease if any.)
Cost

Net Book Value

ACCUMULATED DEPRECIATION

12.31.15
Date
Acquired

Assets

Desc.

Est.

Rate of

Life

Dep.

Balance
12.31.12

8. Investments
a) Investment Properties
b) Investment in Stock/Bonds
1) Trading Securities
2) Available for Sales
3) Held to Maturity

Additionals

Disposals

Balance
12.31.13

Balance
12.31.12

Provisions

Disposals

Balance
12.31.13

a)

Investment in Associate

9. Other Non Current Assets

Schedule deposits
Schedule of other non-current assets, if any (ex. Deferred Taxes)
Date

Description

Reference

Amount

Balance 12.31.15

10. Trade and Other Payables

Supplier/Creditor

Description

Reference

Balance
12.31.15

Date

SUBSEQUENT PAYMENTS
Reference

Amount

Schedule of accounts payable - trade

Schedules of accruals
Customers deposits
Taxes payable
Other payables
Maturity of Payables
< 1 year

1 to 3< years

3 to 5< years

11. Due from/ to Related Parties

Debtor/Creditor

Description

Reference

Balance
12.31.15

Date

SUBSEQUENT PAYMENTS
Reference

Amount

Schedule and summary of all due to/from related parties

Amount of sales to related parties
Amount of purchases/contracts with related parties
Reconciliation of all due to/from related parties
Intercompany confirmations and replies of all due to/from related parties

12. Schedule of Bank Loans

Schedule of bank loans with promissory notes
Date

Bank Name

Promissory note #

Reference

Terms of Loan

Interest Rates

Confirmation and replies to verify loans from banks

Bank certificates on loan balances and interest paid

13. Schedule of Trust Receipts Payable

Date

Bank Name

Reference

Amount

Balance 12.31.15

14. Compensation of key management personnel.

a)
b)
c)
d)

Short term benefits

Post-employment benefits
Termination benefits
Other long-term employee benefits

15. Employee Benefits/ Retirement

a) A description of the plan and the effect of any changes in the plan during the period
b) A summary of significant accounting policies
c) A statement of changes in net assets available for benefit
d) Basis of providing retirement benefits
e) Actuarial assumptions used in determining pension liability
f) Retirement obligation for the year

Amount

Balance
12.31.15

16. Revenues
Schedule of Sales, Sales Returns / Sales Discounts
Date

Description

Reference

Amount

Vatable
Zero Rated
Exempt

Schedule of other income

Date

Description

Reference

Vatable
Zero Rated
Exempt

17. Other Documents that may later be found necessary.

Amount