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THE MANAGEMENT
ANAK NG TOKWA (Entrep Team No.1)
Wesleyan University-Philippines
Cabanatuan City
AUDIT FINDINGS
We have audited the Report on Performance and Accountability of Anak ng Tokwa for the 12th day of
February 2019, and have issued our report thereon dated February 13, 2019. Audit procedures
performed are designed to evaluate the adequacy, efficiency and effectiveness of the business.
Discussions were held with the staff members. Audit work was conducted on the basis of asking few
questions apropos to the fieldwork, verification of source documents and observation of identified
processes.
To achieve the audit objectives, we reviewed the compilation of sales receipts , purchase receipts and
other related documents. We also reviewed and analyzed the financial statements; Income Statement
(See ATTM 1) and Owners Equity (See ATTM II) , presented.
The establishment was able to observe its proper store hours. Opening and Closing time are properly
adhered to by the store. A beginning Inventory count was conducted. The operations of the store were
observed and the disposal of the selling duties were properly performed. However, it is also noted that
duplicate copies of the Acknowledgement Receipts were not maintained by the store and that no copy of
the receipt were being issued to customers.
To evaluate the business’ control over cash receipts we interviewed the proprietor and conducted an
observation during cash count. We obtained an understanding of the procedures used for recording and
reporting gross receipts. We made a complete examination of the documentation that was available to us
for the operating day to calculate the gross receipts generated by business. To determine whether they
properly reported its gross receipts, we compared the amounts in the daily reports of gross receipts
submitted to us with the cash disbursement.
The total amount of Acknowledgement Receipts tallied the Total Cash on Hand of P 1,664. 00 during the
Cash Sales Count conducted. The entity has a beginning capital of P 1,500.00 and reported an income of
P 164.00 after the deduction of all expenses.
Overall, Anak ng Tokwa, The auditor is satisfied that a system of internal control is in place from the
purchasing to selling activities and can be supported completely by documents. Daily reconciliations
ensure that all transactions passing through the record is accurately presented.
In our opinion, the financial statements referred to previously present fairly, in all material respects, the
Income statement and Owner’s Equity of Cabsy Tasty Bites Cravings and the results of its operations
for the 12th day of February 2019 in conformity with accounting principles. Rationale for issuing an
UNQUALIFIED OPINION.
DEL ROSARIO | GASPAR | IGNACIO | MALUBAY | YAP | PANSACOLA
CERTIFIED PUBLIC ACCOUNTANTS
_____________________________________
JILMER DEL ROSARIO
Auditor – 4th Year BS Accountancy
_____________________________________
SONIEPER B. GASPAR
Auditor – 4th Year BS Accountancy
_____________________________________
ROSELYN IGNACIO
Auditor – 4th Year BS Accountancy
_____________________________________
CRISTINE JOYCE MALUBAY
Auditor – 4th Year BS Accountancy
_____________________________________
RENARD YAP
Auditor – 4th Year BS Accountancy
_____________________________________
COLEEN ISABELLE PANSACOLA
Auditor – 4th Year BS Accountancy
Attachments:
Original copies of Acknowledgement Receipts which serve
as Sales Documents were properly accomplished but are not
Sales Documents Provided
issued to customers since a duplicate copy is not maintained
by the store.
Purchase Documents Provided Purchase Documents were completely provided.
Affirmed by:
_____________________________________ ________________________________
JILMER DEL ROSARIO RENARD YAP
Auditor – 4th Year BS Accountancy Auditor – 4th Year BS Accountancy
_____________________________________ ________________________________
SONIEPER B. GASPAR COLEEN ISABELLE PANSACOLA
Auditor – 4th Year BS Accountancy Auditor – 4th Year BS Accountancy
_____________________________________
ROSELYN IGNACIO
Auditor – 4th Year BS Accountancy
_____________________________________
CRISTINE JOYCE MALUBAY
Auditor – 4th Year BS Accountancy
Fixed Expenses
Transpo 60
Utility Exp 40
Gas 90
Total Fixed Expense 190