Question

why would an auditor complete a schedule of inter-bank transfer? what are some extended procedures you...

why would an auditor complete a schedule of inter-bank transfer?
what are some extended procedures you could complete in regard to auditing cash?

Homework Answers

Answer #1

Inter-company bank transfers:

A bank transfer schedule is used by auditors to test the existence of kiting by a client. The schedule lists the details of all the transfers to and from a client's banks as well as between client's bank.

Withdrawal and deposits dates should have been recorded in the same reporting period to avoid the double counting of cash.

Procedures regarding auditing cash:

1. Auditors should reconcile the cash amounts recorded with the bank statements.

2. Further, bank confirmations should be asked by the auditor to verify the bank balances.

Confirmations are third party opinion on which an auditor can rely upon.

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