Скачать или смотреть Auditing the cash Cycle: Bank Confirmation | CPA Exam | Auditing Course

In this session, we will discuss auditing the cash cycle including the bank confirmation.

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introduction 0:00
Cash Importance (0:08): Cash is vital but has a high risk of theft, making auditing crucial.
Key Audit Objectives (0:48): Auditors focus on existence, completeness, and accuracy of cash.
Bank Reconciliation (2:31): The session focuses on bank reconciliation, a key control for cash, complementing previous cycle audits. Bank confirmation and cutoff statements are introduced as important documents.
Internal Control (4:34): Internal controls are important for cash receipts and disbursements, especially independent bank reconciliations.
Bank Confirmation (11:05): Bank confirmations are formal requests to banks to confirm balances, loans, and collateral.
Cutoff Statement (16:01): A cutoff statement is a partial bank statement for a short period after year-end, used to verify transactions like deposits in transit and outstanding checks.
Auditing Procedures (24:52): The video explains auditing procedures like detailed tie-ins, existence verification using bank confirmations, and ensuring completeness with cutoff statements.
Common Cash Risks (27:01): Common risks include poor cutoff procedures, unauthorized transactions, and delayed reconciliations. Mitigation strategies involve segregation of duties and direct delivery of sensitive documents to auditors.

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