Manalili, Kim Aries L.

Compsys 4 JULY 5,2018

BSA4-A AUDIT REPORT MWF 11:30 – 12:30

I. Overview

After Auditing the Bank Reconciliation statement of OEC Company UK which includes:
Recurring postings, Exchange Rate Differences, Incoming and Outgoing, Deposits etc.
After tracing the following accounts into their respective journal entries, I found that all of
the bank reconciliation items that should be there were existent and valid; Also I discovered
that the essential to the Cash flow statements we’re properly reflected and valued; we
traced the accounts from the bank reconciliation statements to the Income Statements and
all of them was properly reflected; Payments that must be In the Outgoing payments were
discovered to be existent and valid. Based on the review, all of the transactions were valid
and existent.

II. Findings
After conducting the following Audit procedures regarding the bank reconciliation
statements, almost all of the transactions are properly reflected in their respective books,
but there were some arithmetic errors that can be corrected by knowing who conducted
that error and by proper calculations and knowledge about the error, the book and the
bank balance will be balanced.

III. Opinion

Unqualified Opinion

Based on the audit procedures that I have done, I can conclude that the cash report, bank
reconciliation and Income statement of OEC Company UK was presented in all materials
respect and in good faith and in Accordance with the IFRS as of December 31, 2018.

IV. Recommendation

I recommend that management should keep their internal control high, and secure their
files; Also I recommend the management to review their records monthly so there is no
deviation between the recorded amounts and the amounts in the financial statements,
Verifying those balances will improve the financial statement’s accuracy.