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Financial Audit Program by malj


									                                                                                        W. P. No.        B-APG
                                                                                        Date              9/00

Process description: Accounting, financial reporting, and cash management.
Audit Objectives
Cash exists and is available to meet the needs of the entity; cut-off for receipts and disbursements is proper; and bank
balances reconcile to the general ledger balances, and reconciling items are proper (valuation, presentation, and
                                                                                            Done by and Work paper
1. confirm all material bank accounts as of August 26, 2000
2. Agree bank confirmation to the client’s account reconciliation.
3. obtain bank account reconciliations and review for reasonableness. Any
     significant or unusual items are to be investigated as follows:
      trace deposits in transit greater than $50,000 to the related deposit receipt
         and verify if cleared on the September bank statement in a timely manner
      judgmentally select 3 checks from the outstanding check listing clearing the
         bank subsequently, sight the respective canceled checks and determine if
         check was properly included/excluded in the outstanding check listing at
         August 26. Judgmentally select 3 checks from the September 2000 bank
         statement noting the check sequence relates to check issued in FY00 and
         agree to the outstanding check list at August 26, 2000. Document items
         selected and tested.
4. Send confirmation of balances (proceeds from IPO). Agree the value of short-
     term investments to the confirmation and determine proper classification of
     investments as cash equivalents or marketable securities.
5. Ascertain that investments in marketable securities are accounted for as
     available-for-sale should be measured at fair value, amortized cost for held to
     maturity and market value (P&L impact for changes in MV) for investment
     considered as trading. Determine the proper treatment of unrealized gains with
     respect to FAS 115.

                                                                                        W. P. No.        C-APG
                                                                                        Date              9/00

Process description: Accounting, financial reporting, and cash management.
Audit Objectives
1 To ascertain that all subsidiaries are properly included in the consolidation
2 To ensure all intra company transactions are properly eliminated
3 To ascertain the adequacy/completeness of disclosures
4 To ascertain the reasonableness of foreign currency translation

5     To ascertain that investments are appropriately valued and classified. Mergers and acquisitions are in accordance
      with APB 16 – Business combinations. Investment in marketable securities is in accordance with FAS 115.
                                                                                          Done by and Work paper
6.     document all the investment holdings of the Company including percentage
       ownership and accounting treatment.
7.     will obtain the client’s schedules of activity (rollforward) for all investment
       accounts during fiscal 2000. These schedules will include calculation of
       investment value, translation of the balance sheet and income statement, and
       calculation of the translation gains and losses.
8.     acquire the audit reports for Metron BV, Entegris Europe, Nippon Fluoroware,
       Entegris Korea, and Empak Malaysia and use the information to review for
       appropriateness the activity recorded by the company during the year.
9.     perform an analytical review of the activity of PEI, FJV, Entegris Upland, and
       OregonLabs during FY2000.
10.    Assess the need for any write-offs due to impairment in accordance with SFAS
       No. 121.
11.    Determine that investments are properly classified between current and non-
       current categories
12.    document the consolidation and reporting process
13.    will agree significant subsidiary and investment items into audit reports as
       noted in the subsidiary and investment section of this memorandum
14.    review both reporting and elimination entries for reasonableness and
       consistency with prior years.
15.    agree client-prepared financial statements to related reporting schedules and
       audited workpapers as well as assess the adequacy/completeness of disclosure
       through use of WP 514.
16.    confirm related party transactions and determine completeness of disclosure of
       such transactions.
17.    review the reasonableness of foreign currency translation used in accordance
       with FAS 52 — Accounting for Foreign Currency Translation


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