Importance of Bank Reconciliation in Auditing

Running head: IMPORTANCE OF BANK RECONCILIATION IN AUDITING
IMPORTANCE OF BANK RECONCILIATION IN AUDITING
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1IMPORTANCE OF BANK RECONCILIATION IN AUDITING
Executive Summary
The purpose of this project is to understand the importance of the bank reconciliation statement
in the audit procedure. The report contains a brief understanding about the concept of auditing
and bank reconciliation statement. It also explains how and why the statement is being prepared.
There is also discussion related to the advantages and the disadvantages of the bank
reconciliation statement while preparing audit reports. It is thereafter concluded by analysing that
bank reconciliation statement is an important task in the audit process that helps in the
determination of frauds if any.

2IMPORTANCE OF BANK RECONCILIATION IN AUDITING
Table of Contents
Introduction......................................................................................................................................3
Bank Reconciliation Statement (BRS)............................................................................................3
How to prepare the BRS..................................................................................................................3
BRS and Auditing............................................................................................................................4
Conclusion.......................................................................................................................................5
References........................................................................................................................................6