Reference no: EM133228480
Case study: planning and delivering the audit
Question: Arch Ltd - audit procedures
The following bank reconciliation statement was prepared by the assistant accountant of Arch Limited:
Bank Reconciliation Statement as at 30 June 2022
Balance as per bank statement $100,500.00
Deposits in transit, 30 June 2022 $ 5,300.00
$105,800.00
Outstanding EFT payments to be processed
Supplier 1 $ 632.00
Supplier 2 $1,345.00
Supplier 3 $4,400.00 $ 6,377.00
$ 99,423.00
Dishonoured debtor payment by bank $ 5,000.00
EFT received by bank ( 1,500.00)
Balance per general ledger, 30 June 2022 $ 102,923.00
On 20 July 2022, you are asked to audit the above bank reconciliation statement. Arch Ltd downloads a bank statement and supporting vouchers on a weekly basis.
Required:
1. Indicate the audit procedures that you would perform to satisfy yourself that the bank reconciliation statement is correct.
2. Based on the information contained in the bank reconciliation statement, would you request management to journalise any adjustments?
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