Acctg 5510 - Study guides, Class notes & Summaries

Cash - Substantive - ANSReceipt of bank confirmations ◦ Not required for non-public entity audits; however, auditors usually obtain a direct receipt of a confirmation from every bank or other financial institutions ◦ Confirms usually verify loan information on the same form ◦ After auditors receive the completed bank confirmation, the confirmed balance should be traced to the amount stated on the bank reconciliation. ◦ Similarly, all other information on the reconciliation should be...

Cash - Substantive - ANSReceipt of bank confirmations ◦ Not required for non-public entity audits; however, auditors usually obtain a direct receipt of a confirmation from every bank or other financial institutions ◦ Confirms usually verify loan information on the same form ◦ After auditors receive the completed bank confirmation, the confirmed balance should be traced to the amount stated on the bank reconciliation. ◦ Similarly, all other information on the reconciliation should be...