Audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 June 2012 Dear experts,

Kindly explain the audit of Cash and bank balances in detail?

Also explain the cut-off procedures in respect of bank balances?

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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03 June 2012 Audit of Cash Balances means the amount lying in hand should match with the books of account.
.
Since on last day say 31 03 2012 for which the books of account are being audited; it would not be possible for you to check it now.
.
So you can check the current date's cash in hand balance with the books ( the date of audit at present).
.
Bank Balances shown in Bank Statement must tally with balances shown in the books.
.
If these are not tallied; reconciliation statement is to be made.
.
Cut off date means transactions upto 31 03 2012 (upto the date of audit).
.

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