reference AO/Assistant Director Deputy Director Director Director General 4.4 Developing and Updating the control sheet-PF P S R 4.5 Updating Status of Entity Form/information. P R 4.6 Gathering and updating financial & Operational background Information. P S R Documenting the Background Information. P S-R 4.7 Listing all the possible Auditable Locations. P R 4.8 Listings of names address and account no of all Bank Accounts in the name of Entity. P R 4.9 Documentation and Listing Authorized Signatories. P R 4.10 Listing External Factors related to performance of the operational activities of an auditee. P R 4.11 Listing the accounting records maintained by the auditee. P R Development of a brief description of the accounting system used by the auditee. P R 4.12 Listing Key Contacts. P S-R 4.13 Listing Significant Audit Areas. P S-R A Updating determination of components. P R 4.14 Listing Significant Accounting Policies. P R Update and review of Significant Accounting policies. P R Review and Sign Off of all the forms within the Permanent File. R A
A= Approve, R= Review, S=Supervise, P=Perform 8.4 Key Tasks and Responsibilities: Audit Planning Phase RESPONSIBILITIES Guideline reference TASKS AO/Assistant Director Deputy Director Director Director General 5.4 Determining Audit objectives and scope. P 5.5 Listing/ Updating Points for attention at next audit. P S R 5.6 Preparing/Issuing Entity communication letter. P R A 5.7 Preparing Audit planning memorandum. P R 5.8 Revising Memorandum on post-planning changes. P R 5.9 Scheduling Important dates. P R 5.10 Preparing Tour Program. P S R A 5.11 Pursuing Information requested from entity officials. P S 5.12 Preparing Materiality assessment form P R A 5.13 Computing Expected aggregate error and planned precision form. P R 5.14 Preparing Audit risk assessment form. P R 5.15 Preparing Inherent risk assessment form. P R 5.16 Developing Internal control questionnaire - controls for overall environment. P R 5.17 Documentation of the internal control questionnaire – general computer controls. P R
Guideline reference TASKS AO/Assistant Director Deputy Director Director Director General 6.4 Documenting Summary of Analytical Review Procedures Performed. P R 6.5 Documenting Details of Analytical Review Procedures Performed. P S R 6.6 Documenting Internal Control Questionnaires. P R 6.7 Documenting Internal Control Deviations Form. P R 6.8 Preparing Internal Control Deviations Summary. P R 6.9 Preparing Compliance Summary. P R 6.10 Documenting Substantive Tests of Accounting Estimates. P R 6.11 Identifying and listing Errors in Accounting Estimates. P R 6.12 Documenting Substantive Test Sample Summary for each Audit Program. P S R 6.13 Preparing Substantive Test of High Value/Key Items – Summary. P R 6.14 Documenting Details of Errors in Samples, High Value Items and Key Items. P R 6.15 Conducting Exit Interviews. P S 6.16 Updation of Audit Steps given in the Audit Programmes, if needed. P R S 6.16 Execution of Audit Steps as per the Audit Program P P-S S-R Ascertaining Execution of relevant Audit Programs P P-S S
8.6 Key Tasks and Responsibilities: Audit Evaluation & Reporting Phase RESPONSIBILITIES Guideline reference TASKS AO/Assistant Director Deputy Director Director Director General 7.4 Documenting Internal Control Weaknesses – Impact Analysis. P R 7.5 Calculating Analytical Procedure Thresholds. P R S 7.6 Documenting Evaluation of Analytical Procedures. P R 7.7 Evaluating Internal Control Deviations. P R 7.8 Conducting Substantive Tests Evaluation – Projectable Errors from Sample. P S R 7.9 Documenting Substantive Tests Evaluation – Errors. P S-R 7.10 Calculating Substantive Tests Evaluation – Summary. P S-R 7.11 Documenting Achieved Level of Assurance Form. P R 7.12 Evaluating Error in Each Component. P R S 7.13 Summarizing and preparing Overall Error in Financial Statements. P R S 7.14 Documenting Violations. P P-S R 7.15 Drafting Checklist of Management Representation Letter. P S R 7.16 Obtaining Management Representation Letter. P R 7.17 Documenting Audit Completion Checklist. P R-S A
7.18 Memorandum Supporting Signature. P R A 7.19 Recommending Auditor’s Opinion P R-A 7.20 Following up the Continuity Schedule P R-S 7.21 Reviewing the Quality Assurance Checklist P R A= Approve, R= Review, S=Supervise, P=Perform 8.7 Key Tasks and Responsibilities: Audit Quality Assurance Guideline reference TASKS RESPONSIBILITIES AO/Assistant Director Deputy Director Director Director General Planning 5.3 Review that Planning has been carried out as per the recommended planning process. R S FAM 15.3.6 Assigning Appropriate staff, required strength and skill set of the audit team. P R FAM 15.3.7 Preparation, revision and approval of the Audit Budget. P R A 5.30 Ensuring that audit programs are in place as required in Audit Policy Checklist. P R Execution 5.8 Ensuring revision of the planning decisions, if required. P R A Supervision of all phases P R-S
APPENDIX – A AUDITOR-GENERAL OF PAKISTAN [PF-A] PERMANENT OF FAISALABAD ELECTRIC SUPPLY COMPANY (FESCO)_ Permanent File Index/Checklist Main Reference Supporting Schedules Done by: Date: PF-B 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 1.Mirza Afzal Baig, Audit Officer 2. Azhar Hussain Butt, A.A.O June, 2009 SUPPORTING DOCUMENT LIST: Annexure Reference Schedules Volume Reference Document Done By: Date 1 Vol-I Mission, Vision M. Afzal Baig June, 2008 2 Vol-I Organization Chart Do June, 2008 3 Vol-I Memorandum of Association & Article of Association Do June, 2008 4 Vol-I Book of Financial Power Do June, 2008 5 Vol-I Budget 2007-08 & 2008-09 M. June,
Aslam Baig 2009 6 Vol-I Financial Statement 2007-08 & 2006-07 Do October, 2009 7 Vol-II Schedule of Electricity Tariff Do June, 2009 8 Vol-II Barqaab Consultancy Agreement M. Afzal Baig June, 2008 9 Vol-II Chart of accounts Do June, 2008 10 Vol-II Sanctioned Strength Do June, 2008 11 Vol-II Minutes of B.O.D Meetings M. Aslam Baig October, 2009 12 Vol-III WAPDA Purchase Procedure M. Afzal Baig June, 2008 13 Vol-III PPRA Rules 2004 Do June, 2008 14 Vol-III WAPDA Transport Rules Do June, 2008 15 Vol-III WEPS Procedure Do June, 2008 16 Vol-III NEPRA Act-1997 Do June, 2008 17 Vol-III Performance Standards (Transmission) Rules 2005 Do June, 2008 18 Vol-IV CPWA A-Code Do June, 2008 19 Vol-IV Electricity Act-1910 Do June, 2008 20 Vol-IV WAPDA Manual/General Rules Do June, 2008 21 Vol-IV General Financial Rules Do June, 2008 22 Vol-V WAPDA Schedule of Composite Rates Do June, 2008 AUDITOR-GENERAL OF PAKISTAN
Chief Executive Office, FESCO Canal View, Abdullahpur, Phone # 041-9220184 Fax # 041-9220445 Web Site: www.fesco.gov.pk Status of the Entity: It is a registered Public Limited Company since May, 1998 under the Companies Ordinance, 1984. It falls under the category of “Exempt Entity” under . Inter-Governmental Relationship: It is a subsidiary of Pakistan Electric Power Company (PEPCO) which is an independent company, registered under the Companies Ordinance, 1984 as a private limited company. AUDITOR-GENERAL OF PAKISTAN Form PF- II PERMANENT FILE Understanding of Entity’s Business – Background Information Name of Entity/Organisation: FAISALABAD ELECTRIC SUPPLY COMPANY (FESCO) Size of Entity Total assets (as on 30-06-2008) = Rs. 40,338 million Total liabilities (as on 30-06-2008) = Rs. 42,479 million Total revenue (2007-2008) = Rs. 42,242 million Total expenditure (2007-2008) = Rs. 51,064 million Total Budget (2008-2009) Operations, maintenance and repairs Rs. 4,159 million Capital works Rs. 1,460 million Vision Statement To provide reliable, affordable and safe electricity to make industrial and agricultural sectors competitive for world market, there alleviating poverty in the area of responsibility. Core Operational Activity/Corporate Plan Purchase of Power from National Transmission & Despatch Company (NTDC) Distribution of Power to Public as well as Private Consumers.
AUDITOR-GENERAL OF PAKISTAN Form PF- VIII PERMANENT FILE Understanding of Entity’s Business – Key Contacts Name of Entity/Organisation: FAISALABAD ELECTRIC SUPPLY COMPANY (FESCO) The names and contact information of key personnel at all management levels of the entity are as under (list of B.O.D & copy of FESCO Telephone Directory is also enclosed). Key Management Personnel Name Title Tel. Fax Email Principal Accounting Office Management Finance Accounts Mr. Shahid Rafi i) Mr. Ahmed Saeed Akhtar ii) Ch. M. Ashraf Mr. Izhar Ul Haq Rana Tariq Parvez Secretary, Ministry of Water & Power, Chief Executive Officer, FESCO Director (HR & A), FESCO Director Finance, FESCO Manager (Finance), FESCO