Examlex
The auditor would design which of the following audit tests to detect possible monetary errors in the financial statements?
Reserve Requirement
The minimum amount of reserves that banks must hold, either in their vaults or with the central bank, as a proportion of deposits.
Excess Reserves
The surplus funds that banks hold over the required minimum set by the central bank to meet unexpected withdrawals.
Deposits
Funds stored in a bank or similar entity for security purposes that have the potential to accrue interest as time passes.
Reserve Requirement
The minimum amount of funds that a bank must hold in reserve against deposit liabilities, set by the central bank.
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