Bank AccountsCheck No.FromTo101NationalFederal202CountyState303FederalAmerican404StateRepublicDisbursement DateReceipt DateCheckNo.PerBooksPerBankPerBooksPerBank101Dec. 30Jan. 4Dec. 30Jan. 3202Jan. 3Jan. 2Dec. 30Dec. 31303Dec. 31Jan. 3Jan. 2Jan. 2404Jan. 2Jan. 2Jan. 2Dec. 31Which of the following checks might indicate kiting?
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1 .When an auditor does not receive replies to positive requests for year-end accounts receivable confirmations, the auditor most likely would:
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2 .In testing controls over cash disbursements, an auditor most likely would determine that the person who signs checks also:
A Is denied access to the supporting documents. B Returns the checks to accounts payable. C Is responsible for mailing the checks. D Reviews the monthly bank reconciliation.
3 .Which of the following describes a weakness in accounts payable procedures?
A The accounts payable manager issues purchase orders. B The accounts payable clerk files invoices and supporting documentation after payment. C The accounts payable clerk manually verifies arithmetic on the vendor invoice. D The accounts payable system compares the receiving report to the vendor in...
4 .Which of the following procedures would an auditor most likely perform in searching for unrecorded liabilities?
A Scan the cash disbursements entries recorded just before year-end for indications of unusual transactions. B Vouch a sample of cash disbursements recorded just after year-end to receiving reports and vendor invoices. C Compare a sample of purchase orders issued just after year-end with the year-en...
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7 .An entity with a large volume of customer remittances by mail could most likely reduce the risk of employee misappropriation of cash by using:
A A bank lockbox system. B Employee fidelity bonds. C Daily check summaries. D Independently prepared mailroom prelists.
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