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Hi there,
why is checking ‘balance per bank statement to the bank statement be a substantive procedure for valuation for cash and bank?
The bank issues the bank statement so why would they get their total at the end wrong?
I do not see the intuition behind this.
please advice. thank you.
I think what is is referring to is if you are looking at a bank reconciliation it will reconcile “balance per the bank statement” to “balance per cash book”. If this is prepared by the client, the auditor should confirm that the starting point of the reconciliation is indeed the correct balance per the bank statement.
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