"Assume these facts: On October 11, the auditor received a cutoff bank statement dated October 7. The September 30 deposit in transit; the outstanding checks 1281, 1285, 1289, and 1292; and the correction of the bank error regarding check 1282 appeared on the cutoff bank statement. a. For each of the preceding lettered items A–F, select one or more of the following pro- cedures 1–10 that you believe the auditor should perform to obtain evidence about the item. These procedures may be selected once, more than once, or not at all. Be prepared to explain the reasons for your choices. 1. Trace to cash receipts journal. 2. Trace to cash disbursements journal"

Complete question:

Procedures for Auditing a Client's Bank Reconciliation. Auditors typically will find the

items lettered A-F in a client-prepared bank reconciliation.

Required:

Assume these facts: On October 11, the auditor received a cutoff bank statement dated October

7. The September 30 deposit in transit; the outstanding checks 1281, 1285, 1289, and 1292; and

the correction of the bank error regarding check 1282 appeared on the cutoff bank statement.

a. For each of the preceding lettered items A-F, select one or more of the following procedures

1-10 that you believe the auditor should perform to obtain evidence about the  item. These procedures may be selected once, more than once, or not at all. Be prepared  to explain the reasons for your choices.

1. Trace to cash receipts journal.

2. Trace to cash disbursements journal.

3. Compare to the September 30 general ledger.

4. Confirm directly with the bank.

5. Inspect bank credit memo.

6. Inspect bank debit memo.

7. Ascertain reason for unusual delay, if any.

8. Inspect supporting documents for reconciling items that do not appear on the cutoff  bank statement.

9. Trace items on the bank reconciliation to the cutoff bank statement.

10. Trace items on the cutoff bank statement to the bank reconciliation.

b. Auditors ordinarily foot a client-prepared bank reconciliation. If the auditors had performed  this recalculation on the preceding.

Explanation:

a. Identification of procedures:

A. Balance by bank: procedures 4 and 9.

A. Transit deposits: processes 1, 7, 8, 9, and 10.

C. Outstanding controls: protocols 2, 7, 8, 9, and 10.

C. Customer's notice obtained by the bank: process 5.

E. Error: test 1282, published on September 26, procedures 5 and 9.

F. Balance of Books: Process 3

b. The gross unpaid payments was $13,480, not $11,450. Anyone engineered a bank calculation to suit the general ledger amount, which would be overstated by $2,000 (supplied the general ledger balance is $20,400).

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