Audit workshop agenda

Detailed agenda for Audit Workshop

  1. Introduction
  2. Why do we audit
    1. As per requirement of BZV (upon Secretarial level) Trust fund
    2. As per requirement by local government (Carmabi, Stinapa, SXM and Arikok)
    3. As per requirement of other organizations
  3. How is the audit process
    1. Engagement letter (fee discussion)
    2. Agree timeline with all parks
    3. Send PBC
    4. Audit of PBC & Financial Statements
    5. Letter of representation (to be signed by management)
    6. Conclude in the form of an opinion
    7. Provide recommendation in the form of a management letter
  4. PBC (requisite for efficiency audit)
    1. Example of PBC
    2. Important items in PBC explained
  5. Accounting best practices
    1. Accrual accounting (liabilities)
    2. Account receivable accounting
    3. Inventory (tags , merchandise)
    4. Inventory pricing and valuation
    5. Sales (tags, fees and merchandises) – Revenue recognitions
    6. Subsidy (restricted & non restricted) – deferred income
    7. Payroll
  6. Important accounts explained and how audited
    1. Inventory
    2. Deferred income
    3. Subsidy
    4. Fees
    5. Social securities, income taxes payable vacation days and allowances
  7. Financial statement: first draft to final draft
  8. Audit adjustments commination and compilation of the financial statements
  9. Audit opinion and process of management letter
  10. Management responsibilities