ABC Company Audit Report

Audit of Cash Disbursement Transactions

For the period covered: October 01-31, 2016
Cut-off period: October 31, 2016
Date of Fieldwork: November 9, 2016
Location of Audit: ABC Company, Nicanor Reyes St., Sampaloc, Manila,
1015
Audit Team Members:
Corpuz, Maia Prescilla
Cortez, Charlene Louie
Lagrosas, Gelliam Marie
Moratillo, Laurence Jasper
Vargas, Marwin
Assertions

1. Existence or Occurrence
2. Rights and Obligation

Audit
Objective

1. To determine that recorded cash disbursement occurred.

2. To determine that all cash disbursements made were the
entitys obligation.

Audit
Procedures

1. Examine paid checks for appropriate endorsements.

2. Examine documents underlying payments.

Date
10-122016

Account Title
Findings
Printing
and
Office No supporting documents were
Supplies
received from the payment of
supplies (official receipt) to support
petty cash replenishment report for
the next period.

Cancelled check

No clear limit/ceiling on purchases

that can be paid through petty cash
payments.
-------------------------------------------------------2323409
As to records, the check is cancelled,
however necessary marks on the
check itself is lacking.

Petty Cash Fund

Transportation
Expense

The check was signed and credited in

bank.
--------------------------------------------------------Check payment was recorded in a
later date in the payment voucher
register. The check was prepared,
recorded and received by one person
who is the accounting clerk.
Date of official receipt from Cebu
Pacific differs from the date of actual
petty
cash
withdrawal.
The
transportation expense was recorded
on September 30, 2016 yet actual
payment was made on October 29,
2016. Please see PV-00461 and
check no. 2323408 representation
expense for the business meeting in
Kuala Lumpur both dating October 7,
2016.

Telephone Rental,
Printing and
Office Supplies,

No other supporting document as to

when is the business meeting was

Ordinary repairs
and maintenance,
Representation
Expense

held.
No clear limit/ceiling on payments
that can be paid through petty cash
payments.
No supporting documents were
received from the payments (official
receipt) to support petty cash
replenishment report for the next
period.
No clear limit/ceiling on payments
that can be paid through petty cash
payments.

10-142016

Cancelled check

10-172016

Miscellaneous Expense

The check is recorded as credits in

cash in bank as to the cash
disbursement journal.
No supporting documents were
received from the payments (official
receipt) to support petty cash
replenishment report for the next
period considering the amount of
petty cash payment.
No listing of items purchased/ paid.