what are the auditing standards and responsibility of an auditor for Cash Receipts, Cash Disbursement,Bank Reconciliation,...
what are the auditing standards and responsibility of an auditor for Cash Receipts, Cash Disbursement,Bank Reconciliation, and Petty Cash ?
Homework Answers
Auditing standards :- auditing standards provide minimum guidance for the auditors that helps determine the extent of audit steps and procedures that should be applied to fulfill the audit objective . They are the criteria in which the quality of audit results are evaluated .
# responsibility of an auditor:-
a :- cash receipt = auditor should check for include documents that establish accountability for the reception of cash and completion of bank deposits .An accurate daily cash summary and deposit slip requiring daily journals entries that post the amount recording to customer account.
b :- cash disbursement= auditor should ensure that cash is disbursed only upon management that should be proper authorized.All disbursement should be properly recorded . Auditor should detect misappropriation of cash through cash disbursement .
c :- Bank reconciliation = Auditor should collect all documents required for the auditors to do their job satisfactorily.auditor should perform the reconciliation and verification of accounts regarding cash at hand and cash at bank .
d :- petty cash = auditors responsibility is to check and determine petty cash and change funds issued to department are properly accounted for and to review the internal controls and security over the hands .In this audit report include recommendation for parks, recreation,community service etc.
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what are the auditing standards and responsibility of an auditor
for Cash Receipts, Cash Disbursement,Bank Reconciliation,...
what is the auditing standards (number) for the responsibility of an auditor in reference to Cash Receipts,...
what is the auditing standards (number) for the responsibility of an auditor in reference to Cash Receipts, Cash Disbursement,Bank Reconciliation, and Petty Cash ?
An auditor is concerned about the possibility of fraud if a. Cash receipts, net of the...
An auditor is concerned about the possibility of fraud if a. Cash receipts, net of the amounts used to pay petty cash-type expenditures, are deposited in the bank daily. b. The monthly bank statement reconciliation is performed by the same employee who maintains the perpetual inventory records. c. One person, acting alone, has sole access to the petty cash fund (except for a provision for occasional surprise counts by a supervisor or auditor).
Task#2 Petty Cash. Bank Reconciliation) Jonni Jones is reviewing the cash accounting for London, Inc, a...
Task#2 Petty Cash. Bank Reconciliation) Jonni Jones is reviewing the cash accounting for London, Inc, a local hair salon Jones review will focun on de pt cash accoumt and the bank reconciliation for the month ended September 30, 2020 She bas collected he following information from London's bookkeeper for this task Petty Cash The petty cash fund was established on September 2, 2020, in the amount of 5300. 2. Expenditures from the fund by the custodian as of September 30,...
Professional auditing standards provide guidance on the auditor's consideration of an entity's business risks. What is...
Professional auditing standards provide guidance on the auditor's consideration of an entity's business risks. What is the auditor's objective for understanding an entity's business risks? Why does an auditor not have responsibility to identify or assess all business risks? Provide some examples of business risks associated with an entity that an auditor should consider when performing an audit.
Items 1 through 6 represent the items that an auditor ordinarily would find on a client-prepared...
Items 1 through 6 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.
•...
Items a through frepresent the items that an auditor ordinarily would find on a client-prepared bank...
Items a through frepresent 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 The following data were gathered to use in reconciling the bank account of Dotson...
Bank Reconciliation The following data were gathered to use in reconciling the bank account of Dotson Company: Balance per bank $ 14,970 Balance per company records Bank service charges 12,480 70 Deposit in transit NSF check Outstanding checks 2,200 810 5,570 a. What is the adjusted balance on the bank reconciliation? $ 11,600 b. Journalize any necessary entries for Dotson Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry, leave...
When testing cash balances at the balance sheet date, the auditor foots the bank reconciliation and...
When testing cash balances at the balance sheet date, the auditor foots the bank reconciliation and traces its reported book balance to the trial balance and its bank balance to the standard confirmation. Which of the following assertions is being tested with these procedures? a. Rights. b. Valuation. c. Existence. d. All of the above.
The Government Auditing Standards specifically outline the responsibilities of an auditor with respect to ethics and...
The Government Auditing Standards specifically outline the responsibilities of an auditor with respect to ethics and independence. What are the ethical principles and primary considerations with respect to independence, as identified in GAGAS? How do ethical principles relate to independence? Note: Could you please don't use your handwriting to answer this question to be easy for me to solve...Thanks.
Can you answer these questions? Thank you 13. cd so Generally Accepted Auditing Standards (GAAS) and...
Can you answer these questions? Thank you
13. cd so Generally Accepted Auditing Standards (GAAS) and Statements on Auditing Standards (SAS) should be looked upon by practitioners as: a. ideals to work towards, but which are not achievable. maximum standards that denote excellent work. c. minimum standards of performance that must be achieved on each audit engagement. benchmarks to be used on all audits, reviews, and compilations. 14. The auditor's judgment concerning the overall fairness of presentation of financial position,...
Task#2 Petty Cash. Bank Reconciliation) Jonni Jones is reviewing the cash accounting for London, Inc, a local hair salon Jones review will focun on de pt cash accoumt and the bank reconciliation for the month ended September 30, 2020 She bas collected he following information from London's bookkeeper for this task Petty Cash The petty cash fund was established on September 2, 2020, in the amount of 5300. 2. Expenditures from the fund by the custodian as of September 30,...
Professional auditing standards provide guidance on the auditor's consideration of an entity's business risks. What is the auditor's objective for understanding an entity's business risks? Why does an auditor not have responsibility to identify or assess all business risks? Provide some examples of business risks associated with an entity that an auditor should consider when performing an audit.
Items 1 through 6 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.
•...
Items a through frepresent 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 The following data were gathered to use in reconciling the bank account of Dotson Company: Balance per bank $ 14,970 Balance per company records Bank service charges 12,480 70 Deposit in transit NSF check Outstanding checks 2,200 810 5,570 a. What is the adjusted balance on the bank reconciliation? $ 11,600 b. Journalize any necessary entries for Dotson Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry, leave...
Can you answer these questions? Thank you
13. cd so Generally Accepted Auditing Standards (GAAS) and Statements on Auditing Standards (SAS) should be looked upon by practitioners as: a. ideals to work towards, but which are not achievable. maximum standards that denote excellent work. c. minimum standards of performance that must be achieved on each audit engagement. benchmarks to be used on all audits, reviews, and compilations. 14. The auditor's judgment concerning the overall fairness of presentation of financial position,...
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