choose the internal sources of audit evidence. a.

Q: Which of the following internal controls is a common detective control over cash and cash…

A: Internal control  is implemented, to maintain effectiveness, efficiency, ,follow the policies,…

Q: Which financial item of a bank is audited when the auditor pays particular attention to establishing…

A: During the audit, auditor should perform procedures to obatian reasonable assurance about the item…

Q: he amount of the outstanding checks is included on the bank reconciliation as a(n) Select one: A.…

A: >Outstanding checks are the checks that have been written and given to a party, but that party…

Q: The explanation of the differences between the cash account balance according to the company’s book…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Which of the following communications is most likely to be written before the balance-sheetdate?a. A…

A: D.Correct.- An engagement letter would be written before accepting an engagement and therefore…

Q: Which audit claims will be met by the audit method of cash count and bank verification requests

A: introduction: If the management's financial statements have any inaccuracies or frauds, the only…

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: Which of the following has incorrect treatment for the bank and book reconciling items assuming…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: -Identify the external source of audit evidences to reconcile the imbalance in the cash book and…

A: External source of audit evidences are collected by the auditor outside the client's organization.

Q: Explain 5 audit procedures in obtaining evidence to test the management assertion for bank.

A: The company should audit its book of accounts before filing the financial statements. The audit is…

Q: ich of the following procedures would an auditor most likely perform to test trols relating to…

A: The given scenario relates with cash receipts. To check the authenticity of the transaction the…

Q: Which procedure is an auditor most likely to use to detect a check outstanding at year-end that was…

A: answer are as follows

Q: When an auditor sends out bank confirmations at the year-end audit, they are performing a(n) O…

A:

Q: From the following alternatives, choose the internal sources of audit evidence. a. Confirmation from…

A: Internal sources of audit evidence include a company's documented processes, policy documents,…

Q: Which of the following is an effective audit procedure that an auditor might use to detect kiting…

A: Kiting is the process in which bank misrepresent their financial instruments with the objective of…

Q: Which of the following is one of the better auditing techniques to detect kiting?(1) Review…

A: (3) Prepare year-end bank reconciliations

Q: Choose the one correct answer. Which of the following is not an appropriate question in an ICQ? *…

A: Internal Control Questionnaire -ICQ : ICQ is an important tool for conducting an audit. It is…

Q: 30 Which of the following is not a principal objective in auditing accounts receivable?   Group of…

A: Auditing means the independent checking of company operation by outsider. Auditor is a qualified and…

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: Audit Objectives and Procedures for Accounts Receivable. In the audit of accounts receivable,…

A: Audit: Audit is the process of verification of the compliance of the financial statements. It…

Q: ient’s treasurer. d. A check, issued by the company and bearing the payee’s endorsement, that is…

A: Given: To explain the correct option among the given options as,

Q: paring the bank reconciliation. 2. Examine vendors’ invoices and other s

A: The auditors verify the fairness of financial statements by collecting audit evidence by following…

Q: What is the purpose of a bank confirmation and why are bank confirmations an important piece of…

A: The revenue cycle is defined as the accounting process by which a corporation keeps track of the…

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

A: Option 1 This will be considered by the auditor in drafting the audit procedures as it can lead to…

Q: Preparing a bank reconciliation on a monthly basis is an example of: A. establishing responsibility…

A: A bank reconciliation is the process by which the balances are matched as between the bank statement…

Q: When auditors perform the bank reconciliation test, what would be the appropriate audit procedure…

A: Auditing procedures of Bank Reconciliation Bank reconciliation is one of the important part in the…

Q: Which of the following statement is prepared to identify the discrepancies between the cash balance…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

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 procedures will an auditor most likely perform for year-endaccounts…

A: Answer:   Option 3.

Q: Examine the cash receipts journal in the accounting system and compare the amounts received to the…

A: Audit procedure: Audit procedures represent all the methods and processes used by auditors to…

Q: Which of the following transactions does the above record belong to ?      a) Withdrawing a loan…

A: Journal entry is the process of recording the business transactions in the accounting books for the…

Q: Which of the following must be deducted from the bank statement balance in preparing a bank…

A: Bank reconciliation is important for better Internal control because it provides the clear picture…

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: Identify and explain the procedures that are important to the examination of bank’s accounts.

A: The banking industry is the pivot of any economy and its financial system. Banks are one of the…

Q: Q1 The following are specific balance-related audit objectives applied to the audit of accounts…

A: The first specific related objective deals with the amounts which must not be involved in the…

Q: Bank statements provide information about all of the following, except Group of answer choices bank…

A: The bank reconciliation statement is prepared to equate the balance of cash book and pass book with…

Q: Which of the following adjusts the bank’s balance of cash in a bank reconciliation? a. NSF checks.…

A: Bank statement is prepared by bank. The company maintains its own records from its perspective. This…

Q: amount of cash is accurately recorded on the financial statements. All of the following are…

A: an audit, independent examination of the financial statement of an entity. there are mainly three…

Q: The accounting clerk pays all obligations by pre numbered checks. What are the strengths and…

A: It was must obligatory  in the internal control over by the cash payments which are taken care by…

Q: What audit procedures would you use to determine that the cash balances actually exist at the…

A: Audit Procedure: In the context of financial statements, audit procedures are the steps taken by…

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

A: Evaluation of the group of choices is to be done to find out which choice is not relevant for the…

Q: In testing controls over cash disbursements, an auditor most likely would determine that the person…

A: The question is related to Auditingbof Cash disbursement.

Q: In preparing a bank reconciliation, the amount of outstanding checks is added to the balance per…

A: A bank reconciliation statement is prepared to reconcile the balance as per bank books and as per…

Q: The following are specific balance-related audit objectives applied to the audit of accounts…

A: Audit is the process of examining the books of accounts of the business entity by a knowledgeable…

Q: In the audit of a client with a fiscal year ending December 31, the CPAs obtain a January 10 bank…

A: A bank reconciliation statement refers to the statement that matches the balance as per the bank…

Q: Which of the following would the auditor consider to be an incompatible operation if the cashier…

A: An auditor seems to be an individual who checks the authenticity of commercial transactions that…

Q: Which of these arrangements of duties could most likely lead to an embezzlement or theft?a. The…

A:

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

A: The following are the audit procedures Inspecting non-current/fixed assets An item of…

Q: Which type of evidence is considered more reliable a accounts receivable confirmation O minutes from…

A: Auditors are to verify the accounts of the company and validity of all financial statements.

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.