Transaction Audit Objectives Problem
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How do you know what would Transaction Audit Objectives be for the following key Controls
1.Independent reconciliation of the monthly bank statements
2.Use of prenumbered checks, properly accounted for
3.Use of prenumbered receiving reports, properly accounted for.
4.Internal verification of document package before check preparation.
5.Review of supporting documents and signing of checks by an independent authorized person.
6.Cancellation of documents prior to signing of the check.
7.Monthly reconciliation of the accounts payable master file with the general ledger.
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Transaction Audit Objectives
How do you know what would Transaction Audit Objectives be for the following key Controls
1. Independent reconciliation of the monthly bank statements: That the transactions recorded in the cash book have occurred, that all the cash transactions have been recorded, the transactions belonging to the relevant period have been included, the amounts of transaction are correct and the bank transactions have been classified correctly: to account for difference between the bank statement and the cash book.
2. Use of prenumbered checks, properly accounted for
Audit Objectives: To ensure that all the checks have been accounted for and some have not been left out. The prenumbered checks have been issued for transactions belonging to the relevant period. The payments have ...
Education
- BSc , University of Calcutta
- MBA, Eastern Institute for Integrated Learning in Management
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