Items a through f represent the items that an auditor ordinarily would find on a client prepared bank reconciliation The accompanying List of Auditing Procedures represents substantive auditing procedures For each item, select one or more procedures, as indicated, that the auditor most likely would perform to gather evidence in support of that item The procedures on the list may be selected once, more than once, or not at all Assume The client prepared the bank reconciliation on 10 2 X5 The bank reconciliation is mathematically accurate The auditor received a cutoff bank statement dated 10 7 X5 directly from the bank on 10 11 X5 The 9 30 X5 deposit in transitoutstanding checks 1281, 1285, 1289, and 1292and the correction of the error regarding check 1282 appeared on the cutoff bank statement The auditor assessed control risk concerning the financial statement assertions related to cash at the maximum List of Auditing Procedures A Trace to cash receipts journal B Trace to cash disbursements journal C Compare to 9 30 X5 general ledger D Confirm directly with bank E Inspect bank credit memo F Inspect bank debit memo G Ascertain reason for unusual delay H Inspect supporting documents for reconciling item not appearing on cutoff statement I Trace items on the bank reconciliation to cutoff statement J Trace items on the cutoff statement to bank reconciliation GENERAL COMPANY Bank Reconciliation 1st National Bank of US Bank Account September 30, 20X5 Balance per bank Deposits in transit 9 29 15 $ 9 30 X5 $ 34,575 a Select 2 procedures b Select 5 procedures 375 925 1,300 35,875 c Select 5 procedures Outstanding checks 988 1281 1285 1289 1292 8 31 15 9 26 15 9 27 15 9 29 X5 9 30 X5 600 1,050 575 1,175 800 (4,200) 31,675 (575) d Select 1 procedure e Select 2 procedures Customer note collected by bank Error Check 1282 written on 9 26 X5 for $390 was erroneously charged by bank as $930 bank was notified on 10 2 X5 Balance per books 540 31,640 f Select 1 procedure $

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Items a through f represent the items that an auditor ordinarily would find on a client-prepared bank reconciliation. The accompanying List of Auditing Procedures represents

Items a through f represent the items that an auditor ordinarily would find on a client-prepared bank reconciliation. The accompanying List of Auditing Procedures represents substantive auditing procedures. For each item, select one or more procedures, as indicated, that the auditor most likely would perform to gather evidence in support of that item. The procedures on the list may be selected once, more than once, or not at all.

Assume

The client prepared the bank reconciliation on 10/2/X5.
The bank reconciliation is mathematically accurate.
The auditor received a cutoff bank statement dated 10/7/X5 directly from the bank on 10/11/X5.
The 9/30/X5 deposit in transitoutstanding checks #1281, #1285, #1289, and #1292and the correction of the error regarding check #1282 appeared on the cutoff bank statement.
The auditor assessed control risk concerning the financial statement assertions related to cash at the maximum.

List of Auditing Procedures
A.	Trace to cash receipts journal.
B.	Trace to cash disbursements journal.
C.	Compare to 9/30/X5 general ledger.
D.	Confirm directly with bank.
E.	Inspect bank credit memo.
F.	Inspect bank debit memo.
G.	Ascertain reason for unusual delay.
H.	Inspect supporting documents for reconciling item not appearing on cutoff statement.
I.	Trace items on the bank reconciliation to cutoff statement.
J.	Trace items on the cutoff statement to bank reconciliation.

image text in transcribed

GENERAL COMPANY Bank Reconciliation 1st National Bank of US Bank Account September 30, 20X5 Balance per bank Deposits in transit 9/29/15 $ 9/30/X5 $ 34,575 a. Select 2 procedures b. Select 5 procedures 375 925 1,300 35,875 c. Select 5 procedures Outstanding checks # 988 #1281 #1285 #1289 #1292 8/31/15] 9/26/15 9/27/15 9/29/X5 9/30/X5 600 1,050 575 1,175 800 (4,200) 31,675 (575) d. Select 1 procedure e. Select 2 procedures Customer note collected by bank Error: Check #1282; written on 9/26/X5 for $390 was erroneously charged by bank as $930; bank was notified on 10/2/X5 Balance per books 540 31,640 f. Select 1 procedure $