Question
Requirement: To prepare an audit program/plan based on our discussion. Kindly include the following: 1. Audit Core Team 2. Risk Assessment - identify the possible
Requirement:
To prepare an audit program/plan based on our discussion. Kindly include the following:
1. Audit Core Team
2. Risk Assessment - identify the possible risk based on the issues, prepare a risk matrix and a heat map
3. Audit Focus Area
4. Audit's Objective
5. Timeline
6. List of documents for review
7. List of persons for interview
Audit Case:
October 11, 2021 2144
Chief Audit Executive
University of the Philippines
Dear CAE,
Our business operation is currently slowing down as we don't have enough lessee which will keep the business running in profit, even though our expense is already cut. Thus, I would like you to perform an operation audit and review the effectiveness and efficiency of our current process in order to keep up with the current circumstances.
Provided below are the current issues we are facing, the background of our company and the current financial statement.
Issues:
1. Airbnb or other rental app impact on rentals.
2. To purchase of new property for rent.
3. Compliancy to various tax rules and regulations. - One of the implementing rules and regulation of the TRAIN Law is VAT exemption of condominium dues.
4. The rental contracts are undeveloped.
5. The contracts, and billings are usually sent out late.
6. The utility man serves as the collector of monthly rent as well.
7. The payment for the interest on the advances from parent company is due on 2022. 8. Some units for rents are dilapidated
Background of HOMETOWN CHA-CHA Organization
Company Name: Home Town Cha-cha
Complete Principal Office Address: 1246 Seaside Building, Ragay, Camarines Sur, Philippines Date Registered: May 05, 1981
Fiscal Year End: December 31
Company Type: Stock Corporation
Primary Purpose/Activity/ Industry Presently Engaged In: To engage in real estate business or otherwise deal in real estate and its development, subdivisions, leases, and rentals, personal property, rights, and interest therein, and related assets and/or activities as principal or in any representative capacity or agency (real estate developer and dealer).
Types of Shares: Common
Number of Shares: 500,000
Par/Stated Value: 100
Amount (PHP): 50,000,000.00
Board of Directors
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