does not list as a liability.10-59 10 8 The following client-prepared bank reconciliation is beingexamined by Kautz, CPA, during an examination of the financialstatements of Concrete Products, Inc.Concrete Products, Inc.Bank ReconciliationDecember 31, 2015Balance per bank (a)$18,375.91Deposits in transit (b):December 301,471.10December 312,840.694,311.79Outstanding checks (c):8376,000.001941671.801966320.0019841,855.4219853,621.2219862,576.8919914,420.88(19,466.21)Subtotal10-60NSF check returned Dec. 29 (d)Bank chargesError check no. 1932Customer note collected by the bank($2,750 plus $275 interest) (e)Balance per books (f)3,221.49200.005.50148.10(3,025.00)$ 550.09Identify one or more substantive audit procedures that shouldbe performed by Kautz in gathering evidence in support of eachof the items (a) through (f) in this bank reconciliation.10.9D'

Audit -Audit is the examination or inspection of various books of accounts by an auditor followed by…

Answered: Identify one or more substantive audit…

Identify one or more substantive audit procedures that shoul performed by Kautz in gathering evidence in support of each the items (a) through (f) in this bank reconciliation

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter7: Internal Control And Cash

Section: Chapter Questions

Problem 21E

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Concept explainers

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 applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.

Question

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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