Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Chapter 23, Problem 17.1MCQ
To determine
Determine the control that can most likely detect a kiting scheme.
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Students have asked these similar questions
Which of the following controls will help prevent skimming?
a.
The accounts receivable bookkeeper’s duties are separated from preparing the bank deposit
b.
The accounts receivable bookkeeper has access to collections from customers.
c.
The accounts receivable bookkeeper is responsible for preparing the bank deposit.
d.
The accounts receivable bookkeeper makes all entries in the cash receipts book.
Bank confirmations are critical to the cash audit. What information does the auditor obtain by sending bank confirmations? Explain the different types of bank confirmations and what assertions each type addresses. How do you determine which is the best bank confirmation type to use?
In preparing a bank reconciliation, what is the proper treatment of an NSF check?
Chapter 23 Solutions
Auditing And Assurance Services
Ch. 23 - Explain the relationships among the initial...Ch. 23 - Prob. 2RQCh. 23 - Prob. 3RQCh. 23 - Prob. 4RQCh. 23 - Prob. 5RQCh. 23 - Prob. 6RQCh. 23 - Prob. 7RQCh. 23 - Prob. 8RQCh. 23 - Prob. 9RQCh. 23 - Prob. 10RQ
Ch. 23 - Prob. 11RQCh. 23 - Prob. 12RQCh. 23 - Prob. 13RQCh. 23 - Prob. 14RQCh. 23 - Prob. 15.1MCQCh. 23 - Prob. 15.2MCQCh. 23 - Prob. 15.3MCQCh. 23 - Prob. 16.1MCQCh. 23 - Prob. 16.2MCQCh. 23 - Prob. 16.3MCQCh. 23 - Prob. 17.1MCQCh. 23 - Prob. 17.2MCQCh. 23 - Prob. 17.3MCQCh. 23 - Prob. 18DQPCh. 23 - Prob. 19DQPCh. 23 - Prob. 20DQPCh. 23 - Prob. 21DQPCh. 23 - Prob. 22DQPCh. 23 - You are doing the first-year audit of Sherman...Ch. 23 - Prob. 24DQPCh. 23 - Prob. 25DQPCh. 23 - The amount of subjectivity involved in...
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- Which of the following are found on the bank side of the bank reconciliation? A. NSF check B. interest income C. wire transfer into clients account D. deposit in transitarrow_forwardExplain the treatment of certified check for bank reconciliation purposesarrow_forwardThe bank reconciliation ? Please explain with full explanation. a. should be prepared by an employee who records cash transactions b. is part of the internal control system c. is for information purposes only d. is sent to the bank for verificationarrow_forward
- The bank reconciliation Select one: A. is sent to the bank for verification B. is for information purposes only C. should be prepared by an employee who records cash transactions D. is part of the internal control systemarrow_forwardWhat are some common controls used with a bank account?arrow_forwardWhat are credit memos and discuss the treatment in the preparation of bank reconciliation.arrow_forward
- The problem below with Corrected Bank reconciliationarrow_forwardHow the use of Bank contributes to the internal control: Select one: O a. Omit bank reconciliation O b. Create a single record for bank transactions O c. Maximize the amount of currency on hand O d. Creates a double record of bank transactions Clear my choicearrow_forwardIn preparing a bank reconciliation, what is the proper treatment of an outstanding check?arrow_forward
- Does every audit have some type of bank confirmation?arrow_forwardDebate the logic used in the following statement: "The person responsible for handling cash receipts should also prepare the bank reconciliation because he is most familiar with the deposits that have been made to the bank account.arrow_forwardOn the Excel worksheet are the T- accounts for cash and other accounts need to record the bank reconciliation. Also, the format for the bank reconciliation is provided. Complete the bank reconciliation, using formulas when possible.arrow_forward
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