AUDIT PROGRAM

Account Audited Petty Cash

Responsible Person Infante, Karaan, Sultan, Valle, Vallejos, Vergara S.
Date and Time January 3, 2023; 8:20 A.M

I. Audit of Petty Cash

A. Audit Objectives
To determine whether:

1. All petty cash reported in the SFP as of December 31, 2022 is held by the
entity.
2. The entity own and has legal rights to all the petty cash reported in the SFP.
3. All petty cash that is owned by the entity has been reported in the SFP.
4. All petty cash included in the SFP are reported in appropriate amounts and
all allocation adjustments are properly recorded.
5. All petty cash are appropriately classified, presented, described, and
disclosures are clearly expressed.

B. Audit Procedures

Related Date
Audit Procedures Remarks
Assertion Conducted
Existence,
Valuation, Conducting surprise petty cash counts. Jan. 3, 2022
Completeness
Existence, Rights
Obtaining petty cash reconciliation and
& Obligation, Jan. 3, 2022
proof of petty cash receipts.
Completeness
Existence,
Completeness, Checking the appropriate valuation of
Jan. 3, 2022
Valuation & petty cash.
Allocation
Performing additional assessment to
Classification &
determine reasonableness of the reported Jan. 3, 2022
Understandability
petty cash.
 CASH COUNT SHEET

Lee Do Hyun Corp. December 31, 2022 January 3, 2022

CLIENT AUDIT DATE DATE

Petty Cash Fund Infante, Karaan, Sultan, Valle, Vallejos, Vergara S. 8:20 A.M.
NAME OF FUND COUNTED BY TIME

DENOMINATION QUANTITY AMOUNT TOTAL

CURRENCY:
₱100 5 500
₱50 40 2,100
₱20 10 200 ₱2,700
COINS:
₱20 38 760
₱5 18 90
₱1 206 206
¢25 32 8 ₱1,064
₱3,764

CHECKS: NONE

UNREIMBURSED VOUCHERS:

DATE ACCOUNT AMOUNT

Dec. 23 Advances ₱20,000
Dec. 28 Postage ₱1,620
Dec. 29 Transportation ₱150
Dec. 29 Repairs ₱800 ₱22,570

TOTAL CASH ACCOUNTED ₱26,334

LESS: Accountabilities
Petty Cash ₱25,000
Unclaimed Salary ₱7,500
Excess Travel Advances ₱1,680 (₱34,180)

CASH SHORTAGE (₱7,846)

IV. How much is the petty cash balance at the end of the year under the Imprest Fund system?

Bills and Coins ₱3,764

Unreimbursed Vouchers
Advances ₱20,000
Postage ₱1,620
Transportation ₱150
Repairs ₱800 ₱22,570
Less: Excess in Travel Advance (₱1,680)
Petty Cash Imprest Balance ₱24,654

V. After your audit procedures, state the observations/findings of your audit.

 Based on the audit procedures that we've conducted, we have observed and learned that
there is a shortage in the amount of petty cash received upon reconciling the exact number
of receipts to evaluate the value of the exact amount of petty cash money. Therefore, we
conclude that the segregation of duties to the assigned petty cash custodian is somewhat weak and
ineffective to provide control in managing to come-up with the right results upon operation. That
is why, better internal control must be consider and highly regarded in this situation to avoid certain
circumstances that may affect the whole valuation of the reported findings.