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In the audit of a client with a fiscal year ending December 31, the audit obtained a January bank statement directly from the bank. Explain

In the audit of a client with a fiscal year ending December 31, the audit obtained a January bank statement directly from the bank. Explain how this cutoff bank statement will be used for audit procedures with the December 31 bank reconciliation.

a. For the existence test of Deposit in Transit.

b. For the completeness test of Outstanding Checks.

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