logo

Assignment on Sustainability Bank Limited

   

Added on  2020-12-10

6 Pages952 Words82 Views
AUDITING
Assignment on Sustainability Bank Limited_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1MAIN BODY..................................................................................................................................1Audit assertions and objectives tested.........................................................................................1Procedure utilised to achieve audit objectives.............................................................................1Outcome of audit procedure........................................................................................................2Further audit implications............................................................................................................2CONCLUSION................................................................................................................................2REFERENCES................................................................................................................................3
Assignment on Sustainability Bank Limited_2
INTRODUCTIONAudit is the official inspection of company’s accounts and all records. Audit report aidsin ensuring that all statements are accurate and valid (Tang, Norman and Vendrzyk, 2017).Present study is based on Sustainability Bank Limited (SBL) which is a retail financial institutethat offers standard services to consumers. Current report will generate active data sheet and willreview records of 28th February in order to ensure its accuracy. MAIN BODYAudit assertions and objectives testedAssertionsExplanationExistenceTo find evidence of existence of alltransactions at particular given dateCompletenessTo ensure all transaction’s withdrawal,transfers, clearance of deposits of all accountsand whether there is any kind of missingnumber or not that may cause issue in netcashTo ensure that on 28th February 2018, therewas no unrecorded cashCutoffTo obtain cutoff statement from bank toascertain to ensure that whether items ofreconciliation are cleared by bank or notTo verify that all amounts are recordedcorrectlyDisclosure and presentationTo match the cash balance and related entriesaccording to accounting standardsProcedure utilised to achieve audit objectivesAudit was done by considering volume and nature of all transactions. In order to conductaudit in XYZ branch, various procedures were implemented. It includes inspection of all entriesof day, confirmation by looking at receipts, recalculations and analytical process. In addition,query sheet has been used to match the cash balance and related entries (Zadey, Chafle andLilhahre, 2016). Receipts have been collected to ensure whether items of reconciliation are1
Assignment on Sustainability Bank Limited_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Audit Test - Assignment PDF
|9
|2225
|39

Purpose and Scope of the Audit
|7
|1068
|57

Audit Procedures and Assertions for Inventory Valuation, Cash and Foreign Exchange Risk
|6
|1753
|233

Financial Accounting INTRODUCTION 1
|21
|5682
|262

Cash Receipt Stream in Revenue Cycle
|5
|1253
|185

Audit Procedures for SBL: Inherent and Control Risk
|6
|1459
|145