ShatanaBentley-AC410-Auditing-Unit7-Homework

ShatanaBentley-AC410-Auditing-Unit7-Homework - AC 410 Unit...

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Your Name: Shatana Bentley (Use this template to answer your Unit 7 homework assignment. This template is provided to help guide you through the answer process and is organized in the way that I will grade your assignment. Your text box will expand as you type in your answers. You will notice that in some cases I have designated a word minimum. This is to encourage you to thoroughly explore and provide a complete answer. There are other responses where you need to provide a certain minimum facts for a complete answer <such as: at least 5 relevant items> you need to provide at least 5 relevant items for full credit. Also, failure to achieve the minimum word requirement may affect your “development score”. ) 12-42 Review the December 31 bank reconciliation and the related information contained in the schedules in the text and describe what actions the auditor should take to obtain satisfaction for each item on the bank reconciliation. Assume that all amounts are material and that all computations are accurate. Reconciliatio n Code Select the One Correct Statement by Marking “ X on the Correct Answer Line Actions to be taken by the auditor 1 The auditor should use the standard bank cash confirmation to confirm both current month’s bank balances X The auditor should use the standard bank cash confirmation to confirm both previous month’s bank balances. 2 X The auditor should examine the bank statements of the subsequent week to determine whether these items have been properly credited to the bank account.x The auditor should examine the general ledger of the subsequent week to determine whether these items have been properly recorded in the general ledger 3 The auditor should review the status of these items by examining the bank statements of the previous week to determine if these items were properly resubmitted and credited to the proper account. X The auditor should review the status of these items by examining the bank statements of the subsequent week to determine if these items were properly resubmitted and credited to the proper account.x 4 X The auditor should review the frequency of invalid items and review internal controls that may have failed to allow the invalid item to happen.x The auditor should review the status of these items by examining the bank statements of the subsequent week to determine if these items were properly resubmitted. Page
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ShatanaBentley-AC410-Auditing-Unit7-Homework - AC 410 Unit...

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