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QUESTION

Listed below are types of errors or fraud that might occur in financial statements and audit procedures. Match the audit procedure with the error or...

1.

Preparing a “proof of cash for the entire audit period.

2.

Preparing and verifying a schedule of bank transfers.

3.

Review of the bank cutoff statement.

4.

Tracing remittance advices to postings in the accounts receivable records.

5.

Comparing the serial numbers of securities on hand to numbers recorded in the prior year’s audit working papers.

Questions (No answer and 1-5)

“Lapping" of accounts receivable.

Using the company’s securities during the year and replacing them.

“Kiting” of cash.

Understating the outstanding checks on the year-end bank reconciliation.

Recording fictitious cash sales.

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