following would the auditor most likely perform when auditing the bank reconciliation for a December 31 year-end audit? a. Confirm the audit client’s book balance shown on the bank reconciliation directly with the bank. b. Verify the audit client’s book balance shown on the bank reconciliation to the Cash balance in the audit client’s trial balance and general ledger. c. Subtract the outstanding check amounts from the audit client’s book balance. d. Verify

Q: Choose an alternative which is not the external source of audit evidence. a. Confirmation from…

A: External Evidence are audit evidences that originate outside the client’s organization. These…

Q: 20. Below is an internal control associated with some financial statement audit cycle that the…

A: Internal controls are the procedures, rules and system which is established by the company to…

Q: bank reconciliation should be prepared periodically because Select one: A. the bank has not…

A: There are two type of balances for cash in the business. One is cash balance as per cash book and…

Q: Which of the following is not an objective of the cash audit? determine that a. A long-term…

A: Objectives of Cash Audit One of the objectives for a cash audit is to verify that the recorded cash…

Q: Bank reconciliation only involves comparing the organization's cash account with the bank statement,…

A: A corporation creates a bank reconciliation statement (BRS) to make sure the balance of its recorded…

Q: prospective banks as a prerequisite to extending a loan to the client. The auditor know

A: 1.The present fact is touching on the responsibilities that auditor should take care while giving…

Q: 2. Which technique would be most effective and efficient for testing the operating effectiveness of…

A: The bank reconciliation statement is the statement that is prepared to rectify the errors between…

Q: Attached is an audit working paper prepared by a new staff auditor based on his testing of a…

A: Auditor while performing his duties for conducting an audit prepares some documents, file work and…

Q: MOST likely to be performed before the balance sheet date? a. Determine the date of the Letter of…

A: Auditing is independent examination of financial statements to express an opinion on the financial…

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A: Cash Budget: This budget gives an estimation of all the cash inflows and outflows of a business for…

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A: Lets understand the basics. Management needs to perform an audit procedure in order to express an…

Q: Which among the following types of audit evidence can be considered the most reliable? a. Verbal…

A: Please see the next step for the solution

Q: What defenses might the auditors use to rebut any charges made about their audit?

A: The main purpose of the auditor in performing examination on the financial statement is to ensure…

Q: Items a through frepresent the items that an auditor ordinarily would find on a client-prepared bank…

A: Bank Reconciliation Statement is a statement document that reconciles the difference in the cash…

Q: Match each example audit procedure with its correct general audit objective related to accounts…

A: A) Existence of assets: This refers to the verification of whether assets recorded in the financial…

Q: all statements are true B. all statements are false C. S1 and S2 are true D. S1 and S3 are true

A: Correct option : B

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A: Auditing refers to the process of physically evaluating and inspecting all the financial information…

Q: When auditing contingent liabilities, which of the following procedures would be MOST effective? a.…

A: One kind of potential financial obligation known as a contingent liability is one that is predicated…

Q: Which of the following are audit evidences? a) Inspecting non-current/fixed assets b) An item of…

A: Audit Evidence: It refers to the information that the auditor uses in arriving at a conclusion on…

Q: Which of the following procedures would most likely be performed during planning?a. Surprise…

A: Identifying related parties would most likely be performed during planning.

Q: Describe TWO (2) substantive testing procedures an auditor could employ to verify each of the…

A: i. Revenue and Accounts Receivable: 1. Analytical Review: The auditor would examine the changes in…

Q: udit reports of banks.

A: Today, a lot of risks are associated with the banking sector. The banking sector is trying to reduce…

Q: auditors responsible for searching for fraud while reviewing a public companys quarterly financial…

A: Answer: No an auditor is not responsible for searching for fraud while reviewing a public company.

Q: determine its proper allowance for loan losses

A: Option a is wrong because by making visits to the business sites, auditor cannot help in determining…

Q: The auditors have determined that each of the following objectives will be a part of the audit of…

A: The audit of different items contained in the financial statements through appropriate audit…

Q: On receiving the bank cutoff statement, the auditor should trace:

A: A bank cut off statement is the statement of bank as on a specified date which is subsequent to the…

Q: Which of the following audit procedures is aimed most directly at testing the completeness assertion…

A: For acco payable auditor should  perform  appropriate  audit procedure  for testing  completeness…

Q: Among the wide array of audit procedures being performed by auditors, which of the following is/are…

A: Audit procedure refers to specific stem and techniques employed adopted by auditors to assess the…

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A: Aging of accounts receivable: The aging of accounts receivable is the balance sheet method of…

Q: Which of the following conditions identified during fieldwork of an audit is most likely to affect…

A: The correct answer is: (D) Missing documents  Missing documents would most likely affect the…

Q: will not participate in the audit

A: The scope of audit include verification of books and accounts to ensure they are free from material…

Q: For each of the following audit procedures, state which type of evidence-gathering technique is…

A: As per our protocol we provide solution to the first three sub-parts only but you have asked…

Q: $1: In obtaining an understanding of the internal control policies and procedures, the auditor noted…

A: Internal control is a part of auditing done from the part of an organization to keep a control over…

Q: Which of the following control objectives would be least likely be considered by the internal…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :…

Q: You are the audit team assign to audit the unaudited set of financial statements for XYZ Company…

A: Audit procedure refers to the method or way of collecting as well as analysing the data for…

Q: ? (Select all that apply.)

A: The number of documentation required in an audit will depend on the number of processes used in the…

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.