permanent file format

8/3/2019 Permanent File Format

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AUDITOR-GENERAL OF PAKISTANPERMANENT FILEPermanent File Index/Checklist

Permanent File

Main

Reference

Supporting

Schedules

Done by: Date:

PF

PF-I

PF-II

PF-III

PF-IV

PF-V

PF-VI

PF-VII

PF-VIII

PF-IX

PF-X

Update Control Sheet

Status of the Entity

Background Information

List of Auditable Locations

List of Bank Accounts

List of Authorised Signatories

External Factors

Accounting Records and Accounting System

Key Contacts

Significant Audit Areas

Significant Accounting Policies

Supporting Documents ListCorporate Plan ( Mission, Vision,Objectives)

Financial Rules/Laws & Regulations/ServiceRules

Organization Chart

Accounting Policies

Chart Of Accounts

Environmental laws and regulations

Long-term contracts/and leases

Loan agreements, mortgages, debtinstruments

Amortization schedules of major assets

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AUDITOR-GENERAL OF PAKISTANPERMANENT FILE

Permanent File

MainReference

SupportingSchedules

Done by: Date:

Extracts of minutes

Previous years Audited FinancialStatements

Auditors Reports to Management and

Management Responses

Other

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Update Control Sheet

Name of Entity/Organisation: _______________________________________

Original file prepared by: _______________________________________

Date: _______________________________________

File updated by: ___________________________ Date: _______________











AUDITOR-GENERAL OF PAKISTANPERMANENT FILE

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Form PF- I

Understanding of Entitys Business Status of Entity

Name of Entity/Organisation:

Principal Address:

Status of the Entity:

(Government/autonomous/centralised/self-accounting/exempt/other)

Inter-Governmental Relationship:

(Attached department, branch office, etc.)

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AUDITOR-GENERAL OF PAKISTAN

PERMANENT FILE

Form PF- II

Understanding of Entitys Business Background Information


The auditor should gather financial and other background information about the entity.

Size of Entity

Total assets

Total liabilities

Total revenue

Total expenditure

Core Operational Activity/Corporate Plan(e.g. revenue collection/grants & contributions/construction, etc.)

Major Services(Zakat, income tax, public works, etc.)

Major Beneficiaries(Federal/Provincial/District level)

Major Cost Centres(Employee related costs/Zakat distributions/other types, etc.)

If these major cost centres are the same as the auditable locations listed on form PF III,they need not be repeated here.

Reporting Authority(Principal accounting officer/Ministry/CGA/others)

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PERMANENT FILE

Form PF- III

Understanding of Entitys Business List of Auditable Locations


The auditor should list all locations that collect, record, process and report financialinformation of the entity.

Main Accounting Office

District Accounting Offices

Other Accounting Locations

Location(s) of computer-based accounting systems database(s)

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PERMANENT FILE

Form PF - IV

Understanding of Entitys Business List of Bank Accounts


The auditor should list the names, addresses and account numbers of all bank accountsmaintained and operated by the entity.

Federal Accounting Level

Provincial Accounting Level

District Accounting level

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PERMANENT FILE

Form PF- V

Understanding of Entitys Business List of Authorised Signatories


The auditor should list the names of personnel who are authorised to approve, certifyand authorise collection, recording, processing and reporting of financial information ofthe entity.

Financial power / Sanction Limit

Principal Accounting Office

Entity/Department/Unit

District/Local Office/Formation

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PERMANENT FILE

Form PF- VI

Understanding of Entitys Business External Factors


The auditors objective is to obtain sufficient appropriate audit evidence to providereasonable assurance that financial statement items affected by external mattersoutside control of management such as the economy that can affect the business arefairly presented within the context of the financial statement taken as a whole. To do so,the auditor will need to understand the external factors that could affect the auditedentitys financial position.

The auditor should list below entitys assets and liabilities that are affected by theexternal factors to ensure that costs, contingent liabilities, commitments and assets havebeen properly recognised, valued and reported in accordance with the governmentsaccounting principles.

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PERMANENT FILE

Form PF- VII

Understanding of Entitys Business Accounting Records and AccountingSystem


The auditor should list the accounting records maintained by the entity for the collection,recording, processing and reporting of accounting information. Append a description ofthe system and related Accounts and Financial Authorities and their functions andresponsibilities.

Federal Accounting Level

Provincial Accounting Level

District Accounting Level

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PERMANENT FILE

Form PF- VIII

Understanding of Entitys Business Key Contacts


The auditor should list the names and contact information of key personnel at allmanagement levels of the entity.

Key ManagementPersonnel Name

Title Tel. Fax Email

PrincipalAccounting Office

Management

Finance

Accounts

Entity/ Department/Unit

Management

Finance

Accounts

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District/ LocalOffice/ Formation

Management

Finance

Accounts

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PERMANENT FILE

Form PF- IX

Understanding of Entitys Business Significant Audit Areas

Name of Entity/Organisation

The auditor should list critical audit areas/significant financial statement components(including individually significant transactions and events) and their impact on thefinancial statements of the entity. For each identified significant component, the auditorcan then plan the audit for specific financial audit objectives and related compliance withauthority objectives.

The list of significant components provided below is for illustrative purposes only. The

list should be updated to reflect the actual components to be used on any given audit.

Significant Financial StatementComponents

Critical Audit AreaY/N

Residual Equity/Share Capital

Liabilities & Commitments

Deposits & Reserves

Fixed Assets and Depreciation

Investments

Cash & Bank

Loans and Advances

Revenues/Receipts

Purchase Costs/Payments

Employee Related Expenses/Payments

Operating Expenses/Payments

Grants, Subsidies & Write offs

Interest Payments

Suspense & Clearing

Other

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AUDIT PLANNING-PERMANENT FILE

Form PF- X

Understanding of Entitys Business Significant Accounting Policies


The auditor should list significant accounting policies, and changes thereto, applied bythe entity. Significant policies may include:

Staff retirement benefits pension & provident fund

Revenue recognition

Accounting for liabilities and commitments

Fixed assets valuation and depreciation

Interest payment and foreign currency transactions

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