Audit Procedures for Bank (2) Flashcards

1
Q

Bank arithmetic reconciliation (Valuation)

A

Reperform arithmetic of bank reconciliation

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2
Q

Bank reconciliation year-end items cleared (Valuation)

A

Review bank reconciliation previous to year-end bank reconciliation and test whether all items are cleared in the last period or taken forward to the year-end bank reconciliation

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3
Q

Bank contra items bank statements original entry (Valuation)

A

Verify contra items appearing in cash book or bank statements with the original entry

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4
Q

Bank slips uncleared bankings (Valuation)

A

Verify by inspecting paying-in slips that uncleared bankings are paid in prior to uear end

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5
Q

Bank lodgements payment bank presentation amount (Valuation)

A

Exanube all lodgements in respect of which payment has been refused by the bank; ensure that they are cleared on re-presentation or that other appropriate steps have been taken to effect recovery of amount due

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6
Q

Bank bank balances bank letter (Valuation)

A

Verify the bank balances with reply to standard bank letter and with the bank statements

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7
Q

Bank cash book exceptional entries material effect (Valuation)

A

Inspect the cash book and bank statements before and after year end for exceptional entries or transfers which have a material effect on balance shown to be in hand

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