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jdot jdot
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"Failure to bill a customer" is an example of an error that results in the failure to receive cash, but would not be discovered as part of the audit of the bank reconciliation. State three other examples of errors or irregularities that result in the improper payment of, or failure to receive, cash, but that would not be discovered during the audit of the bank reconciliation. How are these types of misstatements normally uncovered in the audit?
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Auditing and Assurance Services

Auditing and Assurance Services


Edition: 17th
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prospectjayprospectjay
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•An embezzlement of cash by intercepting cash receipts from customers before they are recorded with the account charged off as a bad debt
•Duplicate payment of a vendor's invoice
•Improper payments of officers' personal expenditures
•Payment for raw materials that were not received
•Payment to an employee for more hours than he or she worked
•Payment of interest to a related party for an amount in excess of the going rate

If these misstatements are to be uncovered in the audit, their discovery must occur through tests of controls and substantive tests of transactions.
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jdot
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Thanks for your help!!
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