Audit Procedures for Bank (2)

Question 1

Bank arithmetic reconciliation (Valuation)

Answer 1

Reperform arithmetic of bank reconciliation

Question 2

Bank reconciliation year-end items cleared (Valuation)

Answer 2

Review bank reconciliation previous to year-end bank reconciliation and test whether all items are cleared in the last period or taken forward to the year-end bank reconciliation

Question 3

Bank contra items bank statements original entry (Valuation)

Answer 3

Verify contra items appearing in cash book or bank statements with the original entry

Question 4

Bank slips uncleared bankings (Valuation)

Answer 4

Verify by inspecting paying-in slips that uncleared bankings are paid in prior to uear end

Question 5

Bank lodgements payment bank presentation amount (Valuation)

Answer 5

Exanube all lodgements in respect of which payment has been refused by the bank; ensure that they are cleared on re-presentation or that other appropriate steps have been taken to effect recovery of amount due

Question 6

Bank bank balances bank letter (Valuation)

Answer 6

Verify the bank balances with reply to standard bank letter and with the bank statements

Question 7

Bank cash book exceptional entries material effect (Valuation)

Answer 7

Inspect the cash book and bank statements before and after year end for exceptional entries or transfers which have a material effect on balance shown to be in hand