The audit program guide outlines the objective and procedures for auditing cash in bank to ensure completeness, existence, accuracy, valuation, ownership, and presentation of cash balances. The objectives are to verify that there is no unrecorded cash, cash exists at a given date, amounts are recorded correctly and in the proper period, cash belongs to the company, and cash balances are properly disclosed. Procedures include comparing cash book entries to bank statements, checking ownership of cash, and reviewing post balance sheet transactions.
The audit program guide outlines the objective and procedures for auditing cash in bank to ensure completeness, existence, accuracy, valuation, ownership, and presentation of cash balances. The objectives are to verify that there is no unrecorded cash, cash exists at a given date, amounts are recorded correctly and in the proper period, cash belongs to the company, and cash balances are properly disclosed. Procedures include comparing cash book entries to bank statements, checking ownership of cash, and reviewing post balance sheet transactions.
The audit program guide outlines the objective and procedures for auditing cash in bank to ensure completeness, existence, accuracy, valuation, ownership, and presentation of cash balances. The objectives are to verify that there is no unrecorded cash, cash exists at a given date, amounts are recorded correctly and in the proper period, cash belongs to the company, and cash balances are properly disclosed. Procedures include comparing cash book entries to bank statements, checking ownership of cash, and reviewing post balance sheet transactions.
1. Completeness: To ensure that there is no unrecorded cash.
2. Existence: To ensure that the cash exist at a given date. Including the cash amount 3. Accuracy: To ensure that the amount is correctly recorded in the proper accounting period. 4. Valuation: To ensure that the cash belongs to the company at the yean end date. Checking to ensure no cash receipt are post dated. 5. Ownership: To ensure that the company has a right to the cash 6. Presentation: To ensure that the cash balance and related income statement entries are correctly disclosed in the Fs in accordance with legislation and accounting standards Procedures:
1. Completeness: Compare cash book entries with bank statements.
2. Existence: 3. Accuracy: 4. Valuation: 5. Ownership: Check ownership of the cash 6. Presentation: Check post balance sheet transactions