FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Audit Procedures
Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and appl…
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does not list as a liability. 10-59 10 8 The following client-prepared bank reconciliation is being examined by Kautz, CPA, during an examination of the financial statements of Concrete Products, Inc. Concrete Products, Inc. Bank Reconciliation December 31, 2015 Balance per bank (a) $18,375.91 Deposits in transit (b): December 30 1,471.10 December 31 2,840.69 4,311.79 Outstanding checks (c): 837 6,000.00 1941 671.80 1966 320.00 1984 1,855.42 1985 3,621.22 1986 2,576.89 1991 4,420.88 (19,466.21) Subtotal 10-60 NSF check returned Dec. 29 (d) Bank charges Error check no. 1932 Customer note collected by the bank ($2,750 plus $275 interest) (e) Balance per books (f) 3,221.49 200.00 5.50 148.10 (3,025.00) $ 550.09 Identify one or more substantive audit procedures that should be performed by Kautz in gathering evidence in support of each of the items (a) through (f) in this bank reconciliation. 10.9 D'
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Transcribed Image Text:does not list as a liability. 10-59 10 8 The following client-prepared bank reconciliation is being examined by Kautz, CPA, during an examination of the financial statements of Concrete Products, Inc. Concrete Products, Inc. Bank Reconciliation December 31, 2015 Balance per bank (a) $18,375.91 Deposits in transit (b): December 30 1,471.10 December 31 2,840.69 4,311.79 Outstanding checks (c): 837 6,000.00 1941 671.80 1966 320.00 1984 1,855.42 1985 3,621.22 1986 2,576.89 1991 4,420.88 (19,466.21) Subtotal 10-60 NSF check returned Dec. 29 (d) Bank charges Error check no. 1932 Customer note collected by the bank ($2,750 plus $275 interest) (e) Balance per books (f) 3,221.49 200.00 5.50 148.10 (3,025.00) $ 550.09 Identify one or more substantive audit procedures that should be performed by Kautz in gathering evidence in support of each of the items (a) through (f) in this bank reconciliation. 10.9 D'
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