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bank reconciliation

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › bank reconciliation

  • This topic has 3 replies, 2 voices, and was last updated 4 years ago by Kim Smith.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • June 11, 2021 at 3:45 am #624583
    Emili00
    Member
    • Topics: 3
    • Replies: 2
    • ☆

    what is year end reconciliation? whats the difference with monthly reconciliation?

    June 11, 2021 at 7:41 am #624606
    Kim Smith
    Keymaster
    • Topics: 134
    • Replies: 8308
    • ☆☆☆☆☆

    Preparing monthly bank reconciliations is a control activity – like extracting a monthly trial balance and making sure it balances. (Then management checking that these monthly procedures have been carried out is an example of a monitoring control.) The procedure is the same whenever it is carried out.

    The auditor is auditing financial statements at a reporting date (the accounting “year end”). So although the auditor may reperform bank reconciliations during the year (a test of control), the auditor will always perform a bank reconciliation as at the year end to obtain evidence of the cash at balance at that date (substantive procedure).

    June 11, 2021 at 2:23 pm #624678
    Emili00
    Member
    • Topics: 3
    • Replies: 2
    • ☆

    ouh i see! thank you !

    June 11, 2021 at 3:04 pm #624692
    Kim Smith
    Keymaster
    • Topics: 134
    • Replies: 8308
    • ☆☆☆☆☆

    You’re welcome!

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    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
  • The topic ‘bank reconciliation’ is closed to new replies.

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