ACC701: Auditing Cash and Investments - Accounting and Finance Assignment Help

Assignment Task:

Task:

Question 1

Your firm is the auditor of SotaTale Era Ltd and you are auditing the financial statements for the year ended 31st December 2019. The company has a turnover of $5 million and a profit before tax of $300,000. The company has supplied you with the following bank reconciliation at year end.
You have entered the ‘date cleared’ on the bank statement (the date on which the cheques and deposits appeared on January’s bank statement.

Required:

a) List and explain the matters that cause you concern on the client’s bank reconciliation. Use illustrations wherever applicable.
b) Describe all the necessary investigations that you will carry out on these items. Provide examples of separate investigations for each of the matters of concern.
c) Explain what adjustments to the financial statements would be required from (a) above. Show all workings for any figures derived.

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