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?

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…...