A)Many Auditors Prove the Subsequent Period Bank Statement If a Cutoff

question 11

Essay

A)Many auditors prove the subsequent period bank statement if a cutoff statement is not received directly from the bank.Discuss the purpose of proving the subsequent period statement,and explain the audit procedures performed during the proof of cash.B)Discuss the circumstances in which an auditor would prepare a proof of cash.

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Definitions:

Physically Fit

Being in good health and having the endurance and strength due to regular physical activity.

Nonfinancial Asset

Assets that have value but are not monetary or financial in nature, such as property, equipment, or intellectual property.

Insurance Claims

Requests made to an insurance company for payment based on the terms of an insurance policy following a loss, damage, or occurrence of a covered event.

Quit Smoking

The act of stopping the habit of inhaling tobacco smoke, typically to improve health outcomes.