Physical Verification of Cash -Bank Audit.


CA IN PRACTICE... ( CA )     29 December 2009

CA IN PRACTICE...
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Dear Friends,

During my study to Chapter "Bank Audit" in Auditing i came to point that while doing Bank Audit the physical verification of cash is done to verify cash balances. I want to know that whether it is normally followed in Regular practice while doing audit by any Chartered Accountant.

If yes is it possible to count cash balances of bank or based on

register maintain by cashier.

Please reply

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Rupesh Jha (M.Com CA PhD* and MBA*)     29 December 2009

Rupesh Jha
M.Com CA PhD* and MBA* 
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Yes it is normally followed in Regular practice while doing audit by a Chartered Accountant.I had done this job in my SBI Bank Audit.

CA Anand Oberoi (Chartered Accountant)     29 December 2009

CA Anand Oberoi
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yes, while doing con-current audits of banks, it is mandatory to phsyically verify cash balance on any day of each month and to see whether it is tallied with cash summry register maintained by the bank.

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dinesh (audit)     29 December 2009

dinesh
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Hai all,

Very first thing that we do in our Statutory audit programme is checking of cash balance....I would like to explain you how we do...

1)Check the Register maintained with the Real cash balance...

2)Next is to verify the Cash locker where moneys are usually kept in bundles...Verify the register maintained over there with Cash bundles....it is not necessary that you have to count each bundle...

3)If ATM is there ask them to open them and check the available balance with eletronic records shown by the machine.....

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CA Ashish Bansal (Manager Finance & Accounts)     30 December 2009

CA Ashish Bansal
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Yes it is required to verify cash balance of banks and to report on them

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Amit Saini (Chartered Accountant)     01 August 2019

Amit Saini
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Yes This is one kind of internal control which is followed by every organization for their internal checks.

RobertGonzales (hgjh)     08 August 2019

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I have read your post. It solved some aspects of the problem. I think you need to make the problem clearer papas games online


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