Which of the following should be audited on the interbank transfer schedule?
A) Receipts on the interbank transfer schedule should be correctly included in or excluded from year-end bank reconciliations as deposits in transit.
B) Disbursements on the interbank transfer schedule must always be shown as outstanding checks.
C) The interbank transfers cannot be recorded in both the receiving and disbursing banks.
D) All transfers that occurred for the month before and the month after the year-end must be included on the interbank transfer schedule.

Question

Quizplus · Accepted Answer

The receipts on the interbank transfer schedule should be audited to ensure that they have been correctly included or excluded from year-end bank reconciliations as deposits in transit. This is an important control to ensure that all funds have been properly accounted for and that the bank reconciliations are accurate. The other options (B, C, and D) are either not necessary or are incorrect.

Which of the Following Should Be Audited on the Interbank