Audit library / 01 Cash and bank
Cash and Bank Audit Kit
A complete, ready-to-use audit plan for cash and bank balances. 30 procedures in 8 phases, each showing what to do, the assertion, the risk and the evidence to obtain.
- Step-by-step guide on how to use the plan
- 30 audit procedures, from planning to sign-off
- Fraud red flags: kiting, lapping, hidden accounts and more
- Status and result dropdowns with an automatic progress tracker
- Fillable PDF version you can complete on screen
Preview the checklist
Here are the first procedures from the kit. Buy the kit to unlock everything.
| Ref | Procedure | Assertion | Status | Result |
|---|---|---|---|---|
| A. Planning and understanding | ||||
| A1 | Obtain a list of all bank accounts (including dormant, foreign currency and accounts opened or closed during the period). Agree each account to the general ledger and trial balance.Risk: Bank accounts exist outside the books and are used to hide receipts or payments. | Completeness | Not started ▾ | |
| A2 | Obtain the authorised signatory list and bank mandates for each account. Compare to the current approved list and HR records; flag signatories who have left the company.Risk: Unauthorised people can still approve payments. | Controls | Not started ▾ | |
| A3 | Walk through the cash receipts and payments process. Document key controls: segregation of duties, approval limits, dual authorisation and who prepares and reviews reconciliations.Risk: Control weaknesses go unnoticed and the audit approach is not risk-based. | Controls | Not started ▾ | |
| A4 | Review prior-year findings and management letter points on cash and bank. Note whether each issue has been resolved.Risk: Known problems recur without follow-up. | Controls | Not started ▾ | |
| B. Bank reconciliations | ||||
| B1 | Obtain year-end bank reconciliations for all accounts. Check the arithmetic, agree the bank balance to the bank statement and the book balance to the general ledger.Risk: Cash balance is misstated or the reconciliation hides a difference. | Existence | Not started ▾ | |
| B2 | Trace outstanding cheques and payments to the subsequent bank statement. Investigate items not cleared within 30 days of period end.Risk: Fictitious or duplicated payments are hidden as outstanding items. | Existence | Not started ▾ | |
| B3 | Trace deposits in transit to the subsequent bank statement and check they cleared within 1–3 business days.Risk: Late clearance indicates window dressing or lapping. | Cut-off | Not started ▾ | |
| B4 | Investigate reconciling items older than 3 months and stale unpresented cheques. Assess whether write-back or adjustment is needed.Risk: Old items hide errors or misappropriation. | Accuracy & valuation | Not started ▾ | |
| B5 | Check that reconciliations were prepared monthly, reviewed by an independent person and signed and dated as evidence of timely review.Risk: Errors and fraud are not detected promptly. | Controls | Not started ▾ | |
| C. Bank confirmations and balances | ||||
| C1 | Send bank confirmation requests directly to every bank (balances, loans, guarantees, facilities, letters of credit, signatories). Keep control over sending and receiving.Risk: Balances or obligations are misstated; confirmations are intercepted. | Existence | Not started ▾ | |
| C2 | Agree confirmed balances to the reconciliations and the general ledger. Investigate and resolve all differences.Risk: Undetected differences between bank and books. | Existence | Not started ▾ | |
| C3 | Review confirmations for items not recorded or disclosed: loans, guarantees, liens, pledged or restricted deposits and accounts not on the client's list.Risk: Liabilities, restrictions or bank accounts are omitted. | Completeness | Not started ▾ | |
| C4 | For foreign currency accounts, retranslate balances at the closing rate and check the exchange gain or loss recorded.Risk: Foreign currency balances are misstated. | Accuracy & valuation | Not started ▾ | |
17 more procedures are inside the full kit
Plus the step-by-step guide, fraud red flags, dropdowns, progress tracker and the fillable PDF.
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