Assertion and Related Control Activity - Cash Disbursements Flashcards Preview

Auditing and Attestation > Assertion and Related Control Activity - Cash Disbursements > Flashcards

Flashcards in Assertion and Related Control Activity - Cash Disbursements Deck (13)
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1

Occurrence - Vendor statements independently reviewed and reconciled to accounts payable records

Review client's procedures for reconciling vendor statements

2

Occurrence - Monthly bank reconciliations prepared and reviewed

Review monthly bank reconciliations for indication of independent review

3

Completeness - Accounting for the numerical sequence of checks

Review and test client's procedures for numerical sequence of checks

4

Completeness - Daily cash disbursements reconciled to postings to accounts payable subsidiary records

Review procedures for reconciling daily cash disbursements with postings to accounts payable subsidiary records

5

Authorization - Checks prepared only after all source documents have been independently approved

Examine indication of approval on voucher packet

6

Accuracy - Daily cash disbursements report reconciled to checks and EFTs issued

Review reconciliation

7

Accuracy - Vendor statements reconciled to accounts payable records and independently reviewed

Review reconciliation

8

Accuracy - Cash disbursement report reconciled with postings to cash disbursement journal and accounts payable subsidiary records

Review and test reconciliation

9

Accuracy - Monthly cash disbursements journal agreed to general ledger posting

Review of posting from cash disbursements journal to the general ledger

10

Accuracy - Accounts payable subsidiary records reconciled to general ledger control account

Examination of reconciliation of accounts payable subsidiary records to general ledger control account

11

Cutoff - Daily reconciliation of checks issued with postings to the cash disbursements journal and accounts payable subsidiary records

Review daily reconciliations

12

Classification - Chart of accounts

Review cash disbursements journal for reasonableness of account distribution

13

Classification - Independent approval and review of general ledger account on voucher packet

Review general ledger account code on voucher packet for reasonableness