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1、17-1 2003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyAudit of Cash BalancesChapter 1717-2 2003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyLearning Objective 1Show the relationship ofcash in the bank to thevarious transaction c
2、ycles.17-3 2003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyRelationships of Cash in the Bank and Transaction CyclesCash in BankCapital Stock CommonPaid-in Capital in Excessof Par CommonRedemptionof stockRedemptionof stockIssue ofstockIssue ofstockDividends Payabl
3、ePayment ofdividendsCapital Acquisition and Repayment Cycle17-4 2003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyRelationships of Cash in the Bank and Transaction CyclesCash in BankAccounts PayablePaymentAcquisition and Payment Cycle17-5 2003 Prentice Hall Busines
4、s Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyRelationships of Cash in the Bank and Transaction CyclesCash in BankAccounts ReceivableGross SalesCashsalesCashreceiptsCash Discounts TakenSales and Collection Cycle17-6 2003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens
5、/Elder/BeasleyRelationships of Cash in the Bank and Transaction CyclesCash in BankAccrued Wages,Salaries,Bonuses,and CommissionsWithheld Income Taxesand Other DeductionsPaymentPaymentAccrued PayrollTax ExpensePaymentPayroll and Personnel Cycle17-7 2003 Prentice Hall Business Publishing,Essentials of
6、 Auditing 1/e,Arens/Elder/BeasleyCash in the Bank andTransaction Cycles Failure to bill a customer Billing a customer at a lower price than called for by company policy A defalcation of cash by interception of cash receipts from customers before they are recorded,with the account charged off as a ba
7、d debtMisstatements which may not be discoveredas a part of the audit of the bank reconciliation17-8 2003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyCash in the Bank andTransaction Cycles Duplicate payment of a vendors invoice Improper payments of officers person
8、al expenditures Payment for raw materials that were not received Payment to an employee for more hours worked Payment of interest to a related party for an amount in excess of the going rate17-9 2003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyCash in the Bank and
9、Transaction CyclesMisstatements which are normally discoveredas a part of the tests of a bank reconciliation.Failure to include a check that has not cleared the bank,even though it has been recorded in the cash disbursements journal Cash received by the client subsequent to the balance sheet date bu
10、t recorded as cash receipts in the current year17-10 2003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyCash in the Bank andTransaction Cycles Deposits recorded as cash receipts near the end of the year,deposited in the bank in the same month,and included in the ban
11、k reconciliation as a deposit in transit Payments on notes payable debited directly to the bank balance by the bank but not entered in the clients records17-11 2003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyLearning Objective 2Identify the major types ofcash acc
12、ounts maintainedby business entities.17-12 2003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyTypes of Cash Accounts17-13 2003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyRelationship of General Cashto Other Cash AccountsBranch Ba
13、nkCashEquivalentsImprest PayrollImprest PettyCash FundGeneralCash17-14 2003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyLearning Objective 3Design and perform audit testsof the general cash account.17-15 2003 Prentice Hall Business Publishing,Essentials of Auditin
14、g 1/e,Arens/Elder/BeasleyMethodology for Designing Testsof Balances Cash In the BankIdentify client business risksaffecting cash in bank.Set tolerable misstatement andassess inherent risk for cash in bank.Assess control risk for cash in bank.17-16 2003 Prentice Hall Business Publishing,Essentials of
15、 Auditing 1/e,Arens/Elder/BeasleyMethodology for Designing Testsof Balances Cash In the BankDesign and perform tests ofcontrols and substantive testsof transactions several cycles.Design and perform analyticalprocedures for cash in bankbalance.17-17 2003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/BeasleyMethodology for Designing Testsof Balances Cash In the BankDesign tests of detailsof cash in bank balanceto satisfy balance-relatedaudit objectives.Audit proceduresSample sizeItems to selectTiming