CLIENT: PERIOD: SUBJECT: Est. Hrs .

Phase/ Level

AUDIT PROGRAM ______________________________________________

______________________________________________ DUE TO / FROM CENTRAL BANK Procedures AUDIT OBJECTIVES To ensure that: A. B. C. The balances represents all amount due to / from the central bank. The mathematical accuracy of the account is correct. Amounts represents all proper charges or amounts that can reasonably be expected to become payable and are properly recorded. The balances are classified with adequate disclosures in respect to these amounts have been made. W/P Ref. By

E/AP/5

Comments/Explanation s

D.

SUBSTANTIVE PROCEDURES 1. Overall Analytical Review 1.1 1.2 1.3 1.4 Have the client prepare a listing of balance due to / from Central Bank. Compare balances with previous year and investigate significant differences. Test the clerical accuracy of the footings of the listing and trace the totals to the general ledger control accounts. Perform analytical review of the balances on the lead schedule. Determine whether the amounts are of a short-term nature and are properly classified in the financial statements.

2. Confirmations 2.1 Request independent confirmations from the relevant department of the Central Bank by non-standard bank confirmation request, by request for the specific balance confirmation (the Central Bank will not respond to the standard bank confirmation). Ensure that balance confirmations received are in agreement with the clients records (both for amount and date).

2.2

Page: 1/3

CLIENT: PERIOD: SUBJECT: Est. Hrs .

Phase/ Level

AUDIT PROGRAM ______________________________________________

______________________________________________ DUE TO / FROM CENTRAL BANK Procedures 3. Reconciliation 3.1 3.2 3.3 For current account balances, where the balance confirmed differs from the book balances, obtain reconciliation statement. Compare balances as per GL (i.e. books) and bank statements with balances appearing in the reconciliation. Check subsequent clearance of reconciling items (as for other banks) and review for unusual large and old outstanding uncleared items by reference to appropriate original records and / or correspondence for satisfactory explanations. Otherwise discuss with senior management and consider for M.L. Debit items of client (i.e. our debits) not responded timely by Central Bank or their credits not responded timely by client should be particularly investigated. Ensure that reconciliations are prepared regularly and on timely basis and that there are no unreconciled items. W/P Ref. By

E/AP/5

Comments/Explanation s

3.4

3.5

Other tests as deemed necessary

Management Letter Prepare management letter points including: Internal control weaknesses; Business improvement opportunities; Legal non-compliance; Accounting system deficiencies; and Errors and irregularities not material at the financial statements level. Disclosure Ensure appropriate disclosure in accordance with the reporting framework and fill relevant portion of Financial Statement Disclosure Checklist (FSDCL).

Page: 2/3

CLIENT: PERIOD: SUBJECT: Est. Hrs .

Phase/ Level

AUDIT PROGRAM ______________________________________________

______________________________________________ DUE TO / FROM CENTRAL BANK Procedures Supervision, review and conclusion 1. 2. 3. 4. Perform Senior review and supervision. Resolve Senior review points. Resolve Partner and Manager review points. Conclude response to the audit objectives. W/P Ref. By

E/AP/5

Comments/Explanation s

Audit conclusion Based on the substantive test procedures, I/we performed as outlined above, it is my/our opinion that the audit objectives set forth at the beginning of this audit program have been achieved, except as follows: ___________________________________________________________________________________________________________ ___________________________________________________________________________________________________________ ___________________________________________________________________________________________________________

Date:____________

______________ Signature

______________ Job Incharge

___________ Manager

____________ Partner

Page: 3/3