58.Which of the following is an effective audit procedure that an auditor might use to detect kiting between intercompany banks? A. Review the composition of authenticated deposit slips.B. Review subsequent bank statements.C. Prepare a schedule of the bank transfers.D. Prepare a year-end bank reconciliation.59.Immediately upon receipt of cash, a responsible employee should 60.Each morning the controller gets the prior day's listing of remittances, a copy of the payment report, and a copy of the deposit slip returned from the bank. When comparing these items, the controller would be able to determine that 61.Upon receipt of customers' checks in the mail room, a responsible employee should prepare a remittance list that is forwarded to the cashier. A copy of the listing should be sent to the 62.Cash receipts from sales on account have been misappropriated. Which of the following acts would conceal this defalcation and be least likely to be detected by an auditor? A. Understating the sales journal.B. Overstating the accounts receivable control account.C. Overstating the accounts receivable subsidiary ledger.D. Overstating the sales journal.
63.Embezzlement is a type of fraud that involves An employee misappropriating an employer's money or property entrusted to the employee's control in the employee's normal job.
- Spring '12
- Cheque, Financial audit