When the auditor fails to obtain a cutoff bank statement, it is common to verify the entire

Question:

When the auditor fails to obtain a cutoff bank statement, it is common to verify the entire statement for the month subsequent to the date.
How is this done and what is its purpose?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...