Dear Freinds,
Can some one help how to appoach for audit of cash and bank balances of a company in a detailed manner?
also expllain the cutoff procedures in respect of cash and bank balance?
Prashanth (Chartered Accountant) (2322 Points)
03 June 2012Dear Freinds,
Can some one help how to appoach for audit of cash and bank balances of a company in a detailed manner?
also expllain the cutoff procedures in respect of cash and bank balance?
Joey Tribbiani
(fdg)
(2010 Points)
Replied 03 June 2012
Since you have cleared you group 1 of final,I think the query is bit incomplete. You want to know vouching procedure of cash and bank balances or something else more technical???
Ankita Benegal
(CA Final)
(66 Points)
Replied 03 June 2012
For Cash-
obtain management certificate as to th balance shown by them as on the balance sheet date.this constitutes audit evidence.usually stat auditors visit client office and carry out cash verification on th bal sheet date,say 31.03.2012
For Bank-
1.obtain bank confirmation( in the letterhead of the bank confirimg the amount lying as on bal sheet date)-which is diff from bank statement(which shows monthly transaction and balance at the end.
2. BRS-
best of luck with ur assignment! :)
mirasolB
(none)
(24 Points)
Replied 23 June 2012
When getting Payday Loans, it is good to know that you can choose how you need to use it. Many people who shop at Walmart like to pay in money, which was shown by a survey done by Walmart showing only 15 percent of customers use plastic to pay. You can get your cash advance in money or in your bank account, and then you can choose how you want to spend that cash. You can start writing checks against the funds as soon as you get the confirmation the funds will be transferred. This helps you get the bills you are borrowing the money for on time.
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