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AuditofCashBalancesChapter17
LearningObjective1Showtherelationshipofcashinthebanktothevarioustransactioncycles.
RelationshipsofCashintheBankandTransactionCyclesCashinBankCapitalStock–CommonPaid-inCapitalinExcessofPar–CommonRedemptionofstockRedemptionofstockIssueofstockIssueofstockDividendsPayablePaymentofdividendsCapitalAcquisitionandRepaymentCycle
RelationshipsofCashintheBankandTransactionCyclesCashinBankAccountsPayablePaymentAcquisitionandPaymentCycle
RelationshipsofCashintheBankandTransactionCyclesCashinBankAccountsReceivableGrossSalesCashsalesCashreceiptsCashDiscountsTakenSalesandCollectionCycle
RelationshipsofCashintheBankandTransactionCyclesCashinBankAccruedWages,Salaries,Bonuses,andCommissionsWithheldIncomeTaxesandOtherDeductionsPaymentPaymentAccruedPayrollTaxExpensePaymentPayrollandPersonnelCycle
CashintheBankand TransactionCyclesFailuretobillacustomerBillingacustomeratalowerpricethancalledforbycompanypolicyAdefalcationofcashbyinterceptionofcashreceiptsfromcustomersbeforetheyarerecorded,withtheaccountchargedoffasabaddebtMisstatementswhichmaynotbediscoveredasapartoftheauditofthebankreconciliation
CashintheBankand TransactionCyclesDuplicatepaymentofavendor’sinvoiceImproperpaymentsofofficers’personalexpendituresPaymentforrawmaterialsthatwerenotreceivedPaymenttoanemployeeformorehoursworkedPaymentofinteresttoarelatedpartyforanamountinexcessofthegoingrate
CashintheBankand TransactionCyclesMisstatementswhicharenormallydiscoveredasapartofthetestsofabankreconciliation.Failuretoincludeacheckthathasnotclearedthebank,eventhoughithasbeenrecordedinthecashdisbursementsjournalCashreceivedbytheclientsubsequenttothebalancesheetdatebutrecordedascashreceiptsinthecurrentyear
CashintheBankand TransactionCyclesDepositsrecordedascashreceiptsneartheendoftheyear,depositedinthebankinthesamemonth,andincludedinthebankreconciliationasadepositintransitPaymentsonnotespayabledebiteddirectlytothebankbalancebythebankbutnotenteredintheclient’srecords
LearningObjective2Identifythemajortypesofcashaccountsmaintainedbybusinessentities.
GeneralcashaccountImprestpayrollaccountBranchbankaccountImprestpettycashfundCashequivalentsTypesofCashAccounts
RelationshipofGeneralCash toOtherCashAccountsBranchBankCashEquivalentsImprestPayrollImprestPettyCashFundGeneralCash
LearningObjective3Designandperformaudittestsofthegeneralcashaccount.
MethodologyforDesigningTests ofBalances–CashIntheBankIdentifyclientbusinessrisksaffectingcashinbank.Settolerablemisstatementandassessinherentriskforcashinbank.Assesscontrolriskforcashinbank.
MethodologyforDesigningTests ofBalances–CashIntheBankDesignandperformtestsofcontrolsandsubstantivetestsoftransactionsseveralcycles.Designandperformanalyticalproceduresforcashinbankbalance.
MethodologyforDesigningTests ofBalances–CashIntheBankDesigntestsofdetailsofcashinbankbalancetosatisfybalance-relatedauditobjectives.AuditproceduresSamplesizeItemstoselectTiming
Acct.101–GeneralaccountBalanceperbank,12/31$63,275Adddepositintransit12/3111,250$74,525Lessoutstandingcheck8,000Balanceperbank,adjusted$66,525AuditSchedulefora BankReconciliationScheduleA-2DatePreparedbyCO1/10/03ApprovedbyPZ1/18/03
Balanceperbooks,12/31$66,647Add:Notereceivablecollectedbythebank1,325Interestincome265$68,237Less:Paymentofelectricbill1,500NSFcheck200Servicecharge12Balanceperbooks,adjusted$66,525AuditSchedulefora BankReconciliation
Balance-RelatedObjectives:GeneralCashintheBankDetailtie-inCutoffPresentationanddisclosureplusthethreemostimportantobjectives:ExistenceAccuracyCompleteness
LearningObjective4Recognizewhentoextendaudittestsofthegeneralcashaccounttotestfurtherformaterialfraud.
ExtendedTestsofthe BankReconciliationWhentheauditorbelievesthattheyear-endbankreconciliationmaybeintentionallymisstated,itisappropriatetoperformextendedtestsoftheyear-endbankreconciliation.Inadditiontothesetests,theauditormustalsocarryoutproceduressubsequenttotheendoftheyearwiththeuseofthebankcutoffstatement
Theaccuracyoftheinformationontheinterbanktransferscheduleshouldbeverified.Theinterbanktransfersmustberecordedinboththereceivinganddisbursingbanks.Thedateoftherecordingofthedisbursementsandreceiptsforeachtransfermustbeinthesamefiscalyear.TestsofInterbankTransfers
Disbursementsontheinterbanktransferscheduleshouldbecorrectlyincludedinorexcludedfromyear-endbankreconciliationasoutstandingchecks.TestsofInterbankTransfersReceiptsontheinterbanktransferscheduleshouldbecorrectlyincludedinorexcludedfromyear-endbankreconciliationsasdepositsintransit.
LearningObjective5Designandperformaudittestsoftheimprestpayrollbankaccount.
Typically,theonlyreconcilingitemsareoutstandingchecks.AuditoftheImprest PayrollBankAccountPaycheckforDept.ofTreasurerJohnDoePaycheckforDateDept.ofTreasurerJaneDoeDate
LearningObjective6Designandperformaudittestsofimprestpettycash.
Pettycashisauniqueaccountbecauseitisoftenimmaterialinamount,yetitisverifiedonmanyaudits.Theaccountisverifiedprimarilybecauseofthepotentialfordefalcationandtheclient’sexpectationofanauditreviewevenwhentheamountisimmaterial.PettyCash
AudittestsforpettycashInternalcontrolsoverpettycashAuditofImprestPettyCash
EndofChapter17
