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Sir there was a past exam question which required that describe substantive procedure an auditor would perform in verifying company’s bank balance (5 marks).
Sir here do we have to write substantive procedures only for bank balance or can we also write substantive procedures for cash balance in this requirement?It says bank balance so why would you do it for something else? There would be no marks for eg counting patty cash.Usually bank balances are much more important than cash. Not many businesses keep a lot of loose cash around nowadays.
Sir in substantive procedure for BANK RECONCILIATION, we can write the following substantive procedure:
Review cashbook and bank statement for any unusual items
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