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Cash and the Effect of Other Business Processes Chapter 16
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Substantive Analytical Procedures—Cash This limited use of substantive analytical procedures is normally offset by (1) extensive tests of controls and/or substantive tests of transactions for cash receipts and disbursements or (2) extensive tests of the entity’s bank reconciliations. Because of the residual nature of the cash account, the auditor’s use of substantive analytical procedures for auditing cash is limited to . . . comparisons with prior years’ cash balances. comparisons with budgeted amounts.
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Auditing the General Cash Account To audit cash, the auditor works
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Unformatted text preview: with: • Copy of Bank Reconciliation • Standard Bank Confirmation • Cutoff Bank Statement Cutoff Bank Statement Date of Last Bank Reconciliation 7 to 10 Days A cutoff bank statement normally covers the 7- to 10-day period after the date on which the bank account is reconciled. Any reconciling item should have cleared the client’s bank account during the 7- to 10-day period. Fraud-Related Audit Procedures When the auditor suspects fraud, should also do other procedures: • Proof of Cash • Test of Kiting • Extend Bank reconciliation and cutoff procedures Proof of Cash Tests for Kiting Disclosure Issues for Cash...
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