Discuss How An Auditor Can Test For Kiting

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Check kiting definition — AccountingTools

    https://www.accountingtools.com/articles/check-kiting.html
    Check kiting is the deliberate issuance of a check for which there is not sufficient cash to pay the stated amount. The mechanics of this fraud scheme are as follows:. Write a check for which there is not sufficient cash in the payer's account.. Create a checking account at a different bank.. Deposit the fraudulent check in the checking account that was just opened.

What is Kiting? - Definition Meaning Example

    https://www.myaccountingcourse.com/accounting-dictionary/kiting
    Definition: Kiting, also called check kiting, is a fraudulent scheme that uses checks to embezzle money from a business. Kiting is usually committed by a bookkeeper or someone else with access to company checks and the ability to forge checks, but it can also be used by the company.

Free Essay: Audit of Property Plant and Equipment

    https://www.studymode.com/essays/Audit-Of-Property-Plant-And-Equipment-924086.html
    Feb 25, 2012 · Discuss how an auditor can test for kiting. (6 marks) To test for kiting, the auditor obtains a schedule of interbank transfers that lists all bank transfers made a few days before and after the balance sheet date, and traces each to the accounting records for proper recording.

Imprest petty cash fund This fund is used for small cash ...

    https://www.coursehero.com/file/psrt2/Imprest-petty-cash-fund-This-fund-is-used-for-small-cash-transactions-that-can/
    •Imprest petty cash fund. This fund is used for small cash transactions that can be paid more conveniently and quickly by cash than by check. • Cash equivalents. Cash equivalents.

Audit Procedures: Definition Types Example List ...

    https://www.wikiaccounting.com/audit-procedures-meaning-example-prepare/
    The auditor might also test whether the sales revenues that recording is completely records or not by testing the completeness. Understand financial statements assertion could help the auditor to not only tailor actionable and effective audit procedures but also help to perform their testing more efficiently.

Kiting, can someone explain it to me? - Another71.com

    https://www.another71.com/cpa-exam-forum/topic/kiting-can-someone-explain-it-to-me/
    Aug 08, 2015 · what everyone has said above is correct, and, in terms of audit procedures, what the auditor does to detect kiting would be to obtain cutoff bank statements. These usually show the 7-14 days following the balance sheet date. By this date (the date of the cutoff bank statement) withdrawals and deposits would have occurred therefore you can get a ...

5 Types of Testing Methods Used During Audit Procedures ...

    https://www.ispartnersllc.com/blog/five-types-testing-methods-used-audits/
    Apr 23, 2019 · Each testing method helps the auditor issue a well-informed opinion, based on evidence. Further, it provides the auditor with the information needed to provided qualified conclusions, whether the business is operating optimally and managing risks properly. Following are the five types of testing methods used during audits. Inquiry; Observation

Multiple-Choice Questions - CPA Diary

    https://cpadiary.files.wordpress.com/2013/04/chapter-23.doc
    61. medium Discuss how an auditor can test for kiting. Answer: To test for kiting, the auditor obtains a schedule of interbank transfers that lists all bank transfers made a few days before and after the balance sheet date, and traces each to the accounting records for proper recording.

CPA Audit - Cash Flashcards Quizlet

    https://quizlet.com/6088102/cpa-audit-cash-flash-cards/
    Therefore, if the reconciling items can be verified, this is evidence that no cash has been stolen from the entity. However, the auditor should use great care when reviewing the reconciliations of a number of multiple bank accounts that an entity makes use of, as there can be kiting issues to consider.

Assurance Flashcards Quizlet

    https://quizlet.com/110292717/assurance-flash-cards/
    Explain what is meant by kiting and discuss how it is performed. ... How can an auditor test for kiting? Auditor obtains a schedule of interbank transfers that lists all bank transfers made a few days before and after the balance sheet date, and traces each to the accounting records. Specific items: accuracy of the info on the bank transfer ...

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