Which balance would you like to verify the most while conducting statutory Audit? What is BRS (Bank Reconciliation Statement)? How do you use BRS in audit of cash balance?

Technical, All, Statutory Audit, Question Bank

As a statutory auditor, one of the most critical balances to verify is the cash balance. Cash is a highly liquid asset and is susceptible to misappropriation or misstatement, making it essential to ensure its accuracy. To verify the cash balance, an auditor may adopt the following procedures: 1. Bank Reconciliation: The auditor performs a…...

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Which balance would you like to verify the most while conducting statutory Audit? What is BRS (Bank Reconciliation Statement)? How do you use BRS in audit of cash balance?

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