Which of the following would be used by the auditor to address kiting?
A) Cut-off bank reconciliations.
B) Bank transfer schedules.
C) Bank confirmations-account balances.
D) Bank confirmations-loan guarantees.

Question

Quizplus · Accepted Answer

Bank transfer schedules are used by auditors to detect kiting, which involves checking the timing of transfers between banks to ensure that the same funds are not counted in two places at once.

Which of the Following Would Be Used by the Auditor