As you develop the audit program for Apex Ltd, you identify the financial controller’s review of the bank reconciliation

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

As you develop the audit program for Apex Ltd, you identify the financial controller’s review of the bank reconciliation

Post by answerhappygod »

As you develop the audit program for Apex Ltd, you identify the
financial controller’s review of the bank reconciliation as another
control to test. In connection with this test, you:

I. Interview the financial controller to
understand the specific data reviewed on the reconciliation
II. Verify that the bank reconciliation
is properly prepared by the accountant and reviewed by the
financial controller as evidenced by their respective
signatures
Which of the following audit procedures correctly describe the
above actions?
1)
Inquiry (Action I) and Inspection of records (Action II)
2)
Confirmation (Action I) and Reperformance (Action II)
3)
Analytical procedures (Action I) and Reperformance (Action
II)
4)
Observation (Action I) and Inspection of records (Action
II)
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Post Reply