SEECS Auditing and

Consultancy Services
3rd floor, BE building, Room 329, Matina,
Bankerohan Vendor’s Credit Cooperative
AUDIT PROGRAM
FOR THE PERIOD
January 1 to June 30, 2019

Compliance Audit - Loans and Receivable

Account Description: These refer to financial assets with fixed or determinable

payments that are not quoted in an active market. A receivable is recognized for the
difference between the gross receivable and the related unearned interest income.

Audit Objectives:
1. To verify whether the credit policy are duly followed.
2. To validate whether loan documentation is adequate and in compliance with the
requirements.
3. To check whether the cooperative strictly follow the credit limit base on the share
capital of the members.
4. To check if the approval of loan applications are properly authorized.

Assertions: Completeness (C), Existence or Occurrence (EO), Rights and Obligations

(RO), Presentation and Disclosure (PD).

TIME
ASSERTION

AUDIT FRAME
TO
WP
FS

PROCEDURES Ref
BE
DONE REMARKS
BY DATE DATE
STARTED COMPLETED

1.1 Understand the credit policy of

the cooperative.
1.2 Observe the process of credit
approval to the cooperative’s
members.
 Check whether the
requirements that were
submitted are complete
and are properly
documented.
2.1 Obtain a lists of members who
applied for the loan.
 Randomly select a
number of members.
 Check if the attached
documents are
complete.
3.1 Check the type of loan applied
from the randomly selected
population.
 SEECS Auditing and
Consultancy Services
3rd floor, BE building, Room 329, Matina,

TIME

ASSERTION
AUDIT FRAME
TO
WP

FS
PROCEDURES Ref
BE
DONE REMARKS
BY DATE DATE
STARTED COMPLETED

3.2 Obtain a list of the share capital

contributed by the members of the
cooperative.
 Verify whether the credit limit
is followed based on the
share capital of the member.
4.1 Obtain a copy of organizational
chart.
 Determine the staff who is
responsible for the approval
of the loan.
 Check if loan application
forms are properly
authorized by the personnel
in-charge.

Prepared by: Reviewed by: Approved by:

Emmalie Jaene B. Gallora Shanice Dawn F. Gaban Kathleen Absin-Frondozo

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

Emmalie Shaene B. Gallora

Audit Team Member
Date:

Christine Joy D. Remoroza

Audit Team Member
Date:

Shaira R. Sacramento
Audit Team Member
Date: