AUDIT PROGRAM

CLIENT: ___________________________________________________________

PERIOD: ___________________________________________________________

SUBJECT: OTHER INCOME

Est. Phase/ W/P
Procedures By Comments/Explanations
Hrs. Level Ref.
AUDIT OBJECTIVES

To determine whether:

A. Other income represents all transactions that occurred
during the period and have been properly recorded on
a consistent basis.
B. Other income is properly described and classified and
adequate disclosures with respect to these amounts
have been made.

SUBSTANTIVE PROCEDURES

1. Overall Analytical Review

1.1 Using a PBC (e.g., top trials, lead schedule, or
company trial balance) compare income and expense
account balances with those of the prior year, and with
current year budget (if available), and obtain
explanation for any unusual or significant variations.
Scope/Sample: Rs. __________ plus unusual items.
1.2 Have the client prepare a comparative monthly
analysis of other income. Verify the clerical accuracy
of the analysis and test it as appropriate with regard to
its propriety and mitigate sufficient differences.
1.3 Discuss with appropriate client’s personnel the
accounting policies stated and followed with respect
to other income recognition and consider the
appropriateness of the said policy.
1.4 Ensure compliance with the revenue recognition
policy of the company.

2. Verification and Vouching

2.1 Review applicable sales invoices for sale of scrap /
fixed assets / waste etc., and shipping documents to
determine the accuracy and validity of each selected
transaction and sales tax charged thereon, if
applicable.
2.2 Cross-refer workings of gain on disposal of fixed
assets with relevant workings in fixed assets section.
2.3 Verify exchange gains, either through recomputations
or by verification of workings provided by the client.
2.4 Ensure proper charging of sales tax on the “value” of
the supply.
2.5 Verify interest earned from related investment account
and recompute the same.

Page: 1/3

2. 2. Disclosure Ensure appropriate disclosure have been made in accordance with the reporting framework and fill relevant portion of Financial Statement Disclosure Checklist (FSDCL). review and conclusion 1. verify such transactions through complete audit trail verification. Page: 2/3 . Phase/ W/P Procedures By Comments/Explanations Hrs. Perform Senior review and supervision. have the client prepare an analysis of the cumulative balance. 2. 2.  Accounting system deficiencies. Supervision.  Legal non-compliance. Resolve Partner and Manager review points. 4. 3.  Business improvement opportunities.8 If necessary. AUDIT PROGRAM CLIENT: ___________________________________________________________ PERIOD: ___________________________________________________________ SUBJECT: OTHER INCOME Est.6 For each significant other revenue account not tested in other areas of working papers. Conclude response to the audit objectives. and  Errors and irregularities not material at the financial statements level. Resolve Senior review points. Other tests as deemed necessary Management Letter Prepare management letter points including:  Internal control weaknesses. Level Ref.7 Verify the clerical accuracy of the analysis and examine critical forms and documents to support the balances.

Audit conclusion Based on the substantive test procedures. I/we performed as outlined above. Level Ref. it is my/our opinion that the audit objectives set forth at the beginning of this audit program have been achieved. AUDIT PROGRAM CLIENT: ___________________________________________________________ PERIOD: ___________________________________________________________ SUBJECT: OTHER INCOME Est. Phase/ W/P Procedures By Comments/Explanations Hrs. except as follows: ___________________________________________________________________________________________________________ ___________________________________________________________________________________________________________ ___________________________________________________________________________________________________________ ________ ___________ ________ _______ Date:____________ Signature Job Incharge Manager Partner Page: 3/3 .