二、
The following are various potential misstatements due to errors or fraud (1through 5), and a list of
auditing procedures(a. through h.) the auditor would consider performing to gather evidence to
determine whether the error or fraud is present.
POSSIBLE MISSTATEMENTS DUE TO ERRORS OR FRAUD
List of Auditing Procedures
a. Prepare a bank transfer schedule.
b. Examine payroll checks clearing after year-end with the payroll journal.
c. Send a standard bank confirmation confirming the balance in the bank at year-end.
d. Examine invoices, receipts, and other documentation supporting reimbursement of petty cash.
e. Obtain the cutoff bank statement and compare the cleared checks to the year-end reconciliation.
f. Agree gross amount on payroll checks to approved hours and pay rates.
g. Count the balance in petty cash at year-end.
h. Compare the details of the cash receipts journal entries with the details of the corresponding
daily deposit slips.
Required:
For each possible misstatement, identify one audit procedure that would be most effective in
providing evidence regarding the potential misstatement. Listed auditing procedures may be used
once, more than once, or not at all.
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