Velma Inc. is a very modern company that strives to be paperless in all its administrative functions.
Question:
Velma has arranged with its bank to receive all its banking transaction information online, through the bank’s online banking website. Velma’s auditor wants to get a cutoff bank statement as of January 20, 20X1, to complete the audit of the bank reconciliation.
Required:
a. Explain what a cutoff bank statement is and its purpose in auditing the bank reconciliation.
b. Describe one way that Velma’s auditor can obtain a cutoff bank statement if the bank is unable to provide a paper copy.
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a The cutoff bank statement is a statement from the auditees bank for the period often one month imm...View the full answer
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Related Book For 
Auditing An International Approach
ISBN: 978-0071051415
6th edition
Authors: Wally J. Smieliauskas, Kathryn Bewley
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