the following client-prepared bank reconciliation is being exami
the following client-prepared bank reconciliation is being examined by zachary kallick, cpa, during the examination of the ﬁnancial statements of simmons company. requireditems (a) through (f) represent items an auditor would ordinarily ﬁnd on a client-prepared bank reconciliation. the following list of audit procedures shows substantive auditing procedures. for each item, select one or more procedures, as indicated, that the auditor most likely would perform to gather evidence in support of that item. (the procedures on the list may be selected once, more than once, or not at all.) assume that • the client prepared the bank reconciliation on 10/2/2007. • the bank reconciliation is mathematically accurate. • the auditor received a cutoff bank statement dated 10/7/2007 directly from the bank on 10/11/2007. • the 9/30/2007 deposit in transit, outstanding checks 1281, 1285, 1289, and 1292, and the correction of the error regarding check 1282 appear on the cutoffbank statement. • the auditor set control risk concerning the ﬁnancial statement assertions related to cash at the maximum. audit procedure: 1. trace to cash receipts journal.2. trace to cash disbursements journal. 3. compare to 9/30/2007 general ledger.4. directly conﬁrm with bank.5. inspect bank credit memo.6. inspect bank debit memo. 7. ascertain reason for unusual delay. 8. inspect supporting documents for reconciling item not appearing on cutoff statement.9. trace items on bank reconciliation to cutoff statement. 10. trace items on the cutoff statement to bank reconciliation.
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