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Details

Cash Procedures
cash procedures with assertions
9
Accounting
Undergraduate 4
11/18/2013

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Cards

Term
Obtain analyses of cash balances and reconcile them to the general ledger
Definition
Existence and accuracy
Term
Confirm cash balances with financial institutions
Definition
existence, occurrence, accuracy, cutoff, rights
Term
. Obtain or prepare reconciliations of bank (financial institution) accounts as of the balance sheet date and consider the need to reconcile bank activity for additional months.
Definition
existence, occurrence, accuracy, cutoff, rights
Term
Obtain a cutoff bank statement containing transactions of at least seven business days subsequent to balance sheet date.
Definition
existence, occurrence, accuracy, cutoff, rights
Term
. Count and list cash on hand
Definition
existence, occurrence, accuracy, cutoff, rights
Term
Verify the client’s cutoff of cash receipts and cash disbursements
Definition
cutoff, existence, occurrence, rights, completeness
Term
Analyze bank transfers for the last week of audit year and the first week of following year.
Definition
cutoff, existence, occurrence, rights, completeness
Term
. Investigate any checks representing large or unusual payments to related parties
Definition
presentation and disclosure
Term
Evaluate proper financial statement presentation and disclosure of cash.
Definition
presentation and disclosure
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