"Failure to Bill a Customer" Is an Example of an Error

question 55

Essay

"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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Definitions:

Diagnostic Achievement Tests

Instruments used in conjunction with intelligence tests to diagnose a learning disability and assess learning difficulties.

Predictive Tests

Assessments designed to forecast future performance, behavior, or outcomes based on current data or characteristics.

Multilevel Survey Achievement Test

An assessment tool designed to evaluate knowledge or skills across different levels of education or competency, often used in educational settings.

No Child Left Behind

A U.S. Act passed in 2001 aimed at improving educational outcomes by increasing standards of accountability for schools, providing more flexibility in the use of federal funding, and offering more choices to parents regarding their children's education.