List of Auditing Procedures A. Trace to cash receipts journal. B. Trace to cash disbursements journal. C. Compare to 9/30/X5 general ledger. D. Confirm directly with bank. E. Inspect bank credit memo. F. Inspect bank debit memo. G. Ascertain reason for unusual delay. H. Inspect supporting documents for reconciling item not appearing on cutoff statement. I. Trace items on the bank reconciliation to cutoff statement. J. Trace items on the cutoff statement to bank reconciliation. GENERAL COMPANY Bank Reconciliation 1st National Bank of US Bank Account a. Select 2 procedures b. Select 5 procedures September 30, 20X5 Balance per bank Deposits in transit 9/29/X5 9/30/X5 S 30,300 $ 925 1,175 2,100 32,400 c. Select 5 procedures Outstanding checks #988 8/31/X5 900 #1281 9/26/X5 600 #1285 9/27/X5 350 #1289 9/29/X5 900 #1292 9/30/X5 325 (3,075) 29,325 d. Select 1 procedure e. Select 2 procedures f. Select 1 procedure Customer note collected by bank Error: Check #1282; written on 9/26/X5 for $350 was erroneously charged by bank as $530; bank was notified on 10/2/X5 Balance per books (625) 180 $ 28,880
List of Auditing Procedures A. Trace to cash receipts journal. B. Trace to cash disbursements journal. C. Compare to 9/30/X5 general ledger. D. Confirm directly with bank. E. Inspect bank credit memo. F. Inspect bank debit memo. G. Ascertain reason for unusual delay. H. Inspect supporting documents for reconciling item not appearing on cutoff statement. I. Trace items on the bank reconciliation to cutoff statement. J. Trace items on the cutoff statement to bank reconciliation. GENERAL COMPANY Bank Reconciliation 1st National Bank of US Bank Account a. Select 2 procedures b. Select 5 procedures September 30, 20X5 Balance per bank Deposits in transit 9/29/X5 9/30/X5 S 30,300 $ 925 1,175 2,100 32,400 c. Select 5 procedures Outstanding checks #988 8/31/X5 900 #1281 9/26/X5 600 #1285 9/27/X5 350 #1289 9/29/X5 900 #1292 9/30/X5 325 (3,075) 29,325 d. Select 1 procedure e. Select 2 procedures f. Select 1 procedure Customer note collected by bank Error: Check #1282; written on 9/26/X5 for $350 was erroneously charged by bank as $530; bank was notified on 10/2/X5 Balance per books (625) 180 $ 28,880
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments
Section: Chapter Questions
Problem 31CYBK
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Transcribed Image Text:List of Auditing Procedures
A. Trace to cash receipts journal.
B. Trace to cash disbursements journal.
C. Compare to 9/30/X5 general ledger.
D. Confirm directly with bank.
E. Inspect bank credit memo.
F. Inspect bank debit memo.
G. Ascertain reason for unusual delay.
H. Inspect supporting documents for reconciling item not appearing on cutoff statement.
I. Trace items on the bank reconciliation to cutoff statement.
J. Trace items on the cutoff statement to bank reconciliation.
GENERAL COMPANY
Bank Reconciliation
1st National Bank of US Bank Account
a. Select 2 procedures
b. Select 5 procedures
September 30, 20X5
Balance per bank
Deposits in transit
9/29/X5
9/30/X5
S
30,300
$
925
1,175
2,100
32,400
c. Select 5 procedures
Outstanding checks
#988
8/31/X5
900
#1281
9/26/X5
600
#1285
9/27/X5
350
#1289
9/29/X5
900
#1292
9/30/X5
325
(3,075)
29,325
d. Select 1 procedure
e. Select 2 procedures
f. Select 1 procedure
Customer note collected by bank
Error: Check #1282; written on 9/26/X5
for $350 was erroneously charged by bank
as $530; bank was notified on 10/2/X5
Balance per books
(625)
180
$
28,880
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