Thank you for helping. Its Audit

Cash Interbank Transfer Handout You are auditing a company with a 6/30 year-end. and are asked to audit the items below. You obtain an interbank transfer schedule Disbursing Bank Account Receiving Bank Account Transfer Amount Recorded Paid by in the bank Recorded Received in by the Number client's client's bank books 6/30 6/29 6/29 6/29 books $50,0006/30 $200,000 6/29 6/29 $20,000 7/2 $100,000 6/30 7/2 6/30 6/30 6/30 6/30 $10,000 For #5-we would need more information-so we can come up with two different answers based on whether we assume the transfer was initiated on 6/30 or 7/1 we will discuss both For each transfer number 1. Determine if there was proper cash cut-off as of 6/30/2014 (i.e. do the client's records reflect the correct cash balances in the general ledger accounts) 2. Explain any reconciling items that should appear on the bank rec. Identify whether they ing bank. should be on the bank rec for the disbursing bank or the bank rec for the receiv 3. If there is not proper cutoff explain whether cash needs to be increased or decreased and to which G/L bank account: disbursing bank or receiving bank Transfer #1. Proper cash cut off ? na ewon.e."Pn Reconciling items? cut oft Cash increase or decrease? Transfer #2. Proper cash cut off ? Reconciling items? Cash increase or decrease