REPUBLIC OF THE PHILIPPINES

COMMISSION ON AUDIT
Commonwealth Avenue, Quezon City, Philippines

(SECTOR) (CLUSTER) - Agency XYZ

OVERALL AUDIT STRATEGY

Audit Team/Address ____________________________________________________________________________________________________

Prepared by ___________________________________________________________ Date Prepared _____________________
Reviewed by __________________________________________________________ Date Reviewed _____________________
Approved by __________________________________________________________ Date Approved ____________________

A. Introduction
A.1.Background

State the COA Office Order on the creation and composition of the audit team.

B. Audit Scope and Period Covered

Financial audit of CY 2017 Financial Statements

C. Significant Milestones

Person Target Date to Accomplish  

WP
Phase Activities Expected Output Respon- 2017 2018 Remarks
Ref.
sible M J J A S O N D J F M A
A. PLANNING                                
1 Conduct initial risk assessment based on available   Summary Report on the                            
data and additional documents requested from Preliminary Identification
management: of Risks
a. Initial analysis of available documents/reports
b. Initial variance and tie in analysis (latest
available TB of the Current Year)
c. Initial indication of Misstatements
d. Updated UTA Template
e. Updated General Accounting Plan
f. Updated Agency-level Control Checklist
g. Validation of implementation of prior year's
 REPUBLIC OF THE PHILIPPINES
COMMISSION ON AUDIT
Commonwealth Avenue, Quezon City, Philippines

Person Target Date to Accomplish  

WP
Phase Activities Expected Output Respon- 2017 2018 Remarks
Ref.
sible M J J A S O N D J F M A
audit recommendations
2 Establish materiality threshold.   Materiality Template                            
3 Update risk assessment based on the additional Results of Risk Assessment  
information, data and reports. (Including testing at the Assertion Level
of control for significant inherent risk and
 
establishing the overall audit risk). Prepare
summary of risk assessment by account and by
assertion.                          
4 Identify other audit activities not covered in the Summary of other audit  
risk assessment (Segment reporting, litigation activities
and claims, related parties, subsequent event,
accounting estimates and analysis of accounts,
etc.)                            
5 Updating overall audit strategy (OAS) Updated OAS
6 Prepare Audit Engagement Planning Approved Engagement
Memorandum including audit program by Planning Memorandum
account/by assertion/ by special considerations supported with Audit
(ISSAI 1800)   Program by                            
7 Approve Audit Engagement Planning account/assertions/special
Memorandum.   considerations                            
8 Issue Specific Audit Instructions to the audit team Specific Audit Instructions
for the execution of the audit plan.                              
B. EXECUTION                                
1 Conduct the audit based on the approved Audit Working Papers by account
Engagement Planning Memorandum and the
attached Audit Program                              
2 Issue AOM, ND, NS, NC, Audit Memorandum, as AOM, NS, ND, NC, AM
the need arises                              
3 Perform final financial statements variance and WP on Financial Analysis
tie-in analysis.                              
 REPUBLIC OF THE PHILIPPINES
COMMISSION ON AUDIT
Commonwealth Avenue, Quezon City, Philippines

Person Target Date to Accomplish  

WP
Phase Activities Expected Output Respon- 2017 2018 Remarks
Ref.
sible M J J A S O N D J F M A
4 Review financial statements and corresponding Summary of notes for
Notes to FS to ensure compliance to presentation review
and disclosure requirements by ISSAIs.                              
5 Prepare summary of proposed audit adjustments Summary of proposed audit
and evaluate effects in the audit opinion   adjustments                            
6 Prepare Summary of Audit Observations and Summary of Audit
Recommendations Observations and
  Recommendations                            
7 Follow-up of the Agency Action Plan Agency Action Plan
8 Prepare the recommendation tracking sheet Recommendation Tracking
indicating the control number and deadline for Sheet
implementation  
9 Conduct exit conference   Minutes of exit conference                            
C. REPORTING                                
1 Secure Management Representation Letter which Management
is dated near the date of the audit report   Representation Letter                            
2 Draft the annual audit report including section on Draft AAR
the results of internal control review                              
3 Submit draft report to the supervisor for review   Draft Report                            
4 Submit draft report to the Director for review                              
5 Finalize AAR and sign the IAR   Final AAR and signed IAR                            
6 Transmit the audit report to the management Duly received Transmittal
  Letter                            
7 Wrap-up, organization and archiving of working Duly indexed Working
papers Papers
D. Quality Control Review
1 Accomplish compliance completion checklist Compliance completion
supported by audit working papers   checklist                            
2 Send the Auditee Feedback Sheet to Agency for Auditee Feedback Sheet
 REPUBLIC OF THE PHILIPPINES
COMMISSION ON AUDIT
Commonwealth Avenue, Quezon City, Philippines

Person Target Date to Accomplish  

WP
Phase Activities Expected Output Respon- 2017 2018 Remarks
Ref.
sible M J J A S O N D J F M A
accomplishment
3 Accomplish the Director’s Evaluation Form Director’s Evaluation Form
4 Rate Management Performance Financial Management
Performance Rating
Note: Highlight the date the activities are to be implemented.