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One of the commonly used substantive tests for cash balances is to verify bank reconciliations performed by the entity. a) Name the first steps in

One of the commonly used substantive tests for cash balances is to verify bank reconciliations performed by the entity. a) Name the first steps in verifying the bank reconciliation. (12 Marks) b) Are there circumstances under which auditors might perform the bank reconciliation for themselves? Explain. (8 marks)

(Need very detail and long answers in point based form. Short answers will not be accepted)

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