udit reports of banks.
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Recall your study of selected financial audit reports of banks.
a. Give two risks associated with banking activities and discuss their audit significance.
b. Identify 2 unique accounts or accounting practices particular to banks. Describe briefly.
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- 4. The starting point for the verification of the balance in the general bank account is to obtain: A. The client’s year-end bank statement B. The client’s cash account from the general ledger C. A bank reconciliation from the client D. A cutoff bank statement directly form the bank 5. Which of the following substantive audit procedures is most likely to be performed by the auditor to gather evidence in support of the balance per bank ? A. Compare to general ledger B. Trace to cash receipts journal C. Confirm directly to bank D. Trace items on the cut-off bank statement to bank reconciliationIdentify two distinguishing characteristics of banks. Discuss each briefly, including the impact on the audit process.Which financial item of a bank is audited when the auditor pays particular attention toestablishing the ownership of instruments held in bearer form and whether there are anyencumbrances on the title to the instruments? A. Due from other banksB. Securities held for trading purposesC. Investments in Subsidiaries and Associated EntitiesD. Loans
- 29 From the following alternatives, choose the internal sources of audit evidence. a. Confirmation from Banker regarding the bank balance as per Bank Book b. Information from the storekeeper regarding closing inventory c. Confirmation from Debtors regarding the amount receivables from them. d. Confirmation from Creditors regarding the amount payable to them.Explain three types of good financial analysis that must be conducted by the credit officer in the bank while performing their periodic review against their business customer.Explain 5 audit procedures in obtaining evidence to test the management assertion for bank.
- An audit program relates to the cash, sales and receivables cycles and accounts. Discuss audit procedures for the audit of accounts receivable. How does this apply to your chosen organization?29 From the following alternatives, choose the internal sources of audit evidence. a. Confirmation from Banker regarding the bank balance as per Bank Book b. Information from the storekeeper regarding closing inventory c. Confirmation from Debtors regarding the amount receivables from them. d. Confirmation from Creditors regarding the amount payable to them. Clear my choiceIdentify and explain the procedures that are important to the examination of bank’s accounts.
- 6) Examine the cash receipts journal in the accounting system and compare the amounts received to the corresponding amounts invoiced in the revenue accounting system and to the bank statement evidencing the deposit. This is an example of which of the following? A) audit objective B) audit assertion C) audit procedure D) audit programManagement Assertions. Your audit manager has asked you to explain the PCAOB assertions by using an account on the balance sheet at your audit client. For the accounts receivable account, please define each of the PCAOB assertions, using the accounts receivableaccount as a way to illustrate each assertion. You are encouraged to reference Exhibit 1.5 tohelp you answer this questionDetermine what are some of the risk assessment procedures to be made in order for the auditor to understand the bank entity and its environment?
