First Community Cooperative

AUDIT PROGRAM
FOR THE PERIOD
January 1 to December 31, 2018

Performance Audit - Loans and Receivables, Current Account

Account Description: This account is used in the general ledger of a lender, containing the
current balance of all loans owed to it by borrowers.

Audit Objectives: To assess the efficiency in the collection process of the cooperative.

Assertions: Completeness (C), Existence or Occurrence (EO), Valuation or Measurement

(VM).

TIME

ASSERTION
AUDIT TO
FRAME
FS
WP
PROCEDURES Ref
BE
DON REMARKS
E DATE DATE
BY STARTED COMPLETED

1. To determine the expected collection for

the period-end. EO

 Ask for forecasted collection report.

 Ask for the period-end loans
receivable report from which to
check the total to the amount in the C
loans receivable account.

2. To compare the actual collection with the

expected collection. VM

 Match the loan application date with

the company’s records. VM
 TIME

ASSERTION
AUDIT TO
FRAME

FS
WP
PROCEDURES Ref
BE
DON REMARKS
E DATE DATE
BY STARTED COMPLETED

3. To verify whether the expected

collections are being met through C
checking their accomplishment
report.

 Ask for a copy of their

accomplishment report.

Prepared by: Reviewed by: Approved by:

Leah Corina Alolor Renaline Vismanos Kathleen Absin-Frondozo

Audit Team Member Audit Team Leader Supervising Auditor/Adviser
Date: Date: Date:

Roselle Mae Baguio

Audit Team Member
Date:

Marviluz Banzuelo
Audit Team Member
Date:

Alexa Marie C. Cabangon

Audit Team Member
Date:

Tahani Abdullah Dipangampong

Audit Team Member
Date: