Verifying the frequency of bank reconciliations and reconciling the latest bank statement are examples of actions an auditor might take in which generic steps of the financial statement audit process?
A)First and second
B)Second and third
C)Third and fourth
D)Second and fourth

Question

Quizplus · Accepted Answer

Verifying the frequency of bank reconciliations is part of the third step (performing substantive procedures), and reconciling the latest bank statement is part of the fourth step (completing the audit and issuing the report) in the financial statement audit process.

Verifying the Frequency of Bank Reconciliations and Reconciling the Latest