In which generic step of a financial statement audit is the auditor most likely to verify the frequency of bank reconciliations?
A)First
B)Second
C)Third
D)Fifth

Question

Quizplus · Accepted Answer

The third step of a financial statement audit is to perform tests of controls and substantive tests of transactions. In this step, auditors are likely to verify the frequency of bank reconciliations to ensure that cash account balances are accurately stated.

In Which Generic Step of a Financial Statement Audit Is