Flashcards in Assertion and Related Control Activity - Cash Disbursements Deck (13)
Loading flashcards...
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
