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Does bank mistaken credit and debit considers when preparing bank reconciliation? auditor from moore stephens told me not to consider it. confused?

I consider this one, otherwise how reconciliation becomes tally?

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تم إضافة السؤال من قبل Kripesh Krishnan Kutty Nair , Merchandiser , Al Seer Group
تاريخ النشر: 2015/03/08
Seema Devi
من قبل Seema Devi , Customer Service , Amazon Development Centre

If the mistake hasn't been noticed either by the the Auditor, then where did the entry was reflected in the financial statements?  There will be two possibilities

 

 

 

The mistake has affected the Profit and loss account, 

 

                          Then -  When the entry has been reversed by the bank, 

 

                                       The accountant should make the adjustments in the prior years Profit 

 

 

The mistake has affected the Balance Sheet  account, 

                          Then -  When the entry has been reversed by the bank, 

 

                                       The accountant should reverse the entry and the  same account should be adjusted.

Muhammad Asif
من قبل Muhammad Asif , Accountant , Prestige Plastics LLC

you cannot consider this mistake because entry has been rectified and net effect is null

Sadananda Poojary
من قبل Sadananda Poojary , Account Specialist , Freelance Accounting

Need to consider in Bank Reconciliation

IMRAN ALI MOHAMMED
من قبل IMRAN ALI MOHAMMED , Accounts Officer , M/s. Euro Glazing Ltd

Well Iam surprised that a Auditor has said to ignore it, which he very wrong. It has a lot of implication. The Bank Reconciliation is a very important to know the available fund at the end of the month. If the available funds shows a wrong figure it affects the Cash Flow. And also Bank reconciliation is done to find out if any errors or omission has been done and to detect fraud and malpractice. 

 

So my suggestion is not to ignore it and adjust the Bank Reconciliation as per your Cash Book and intimate the Bank about the error so as to be get rectify.  

 

 

 

مستخدم محذوف‎
من قبل مستخدم محذوف‎

It may not be considered when the amount are the same since it will offset each other. However if the amount at both credit and debit side are not the same then one needs to consider that when preparing the bank reconciliation.

Ahmed kandil
من قبل Ahmed kandil , Cost Controller , Battour Holding Cpompany

Agree with seema devi.... Thank you

fayyaz ahmad
من قبل fayyaz ahmad , Internal Auditor , Medicine co

The job of auditor is to detect fraud and mistakes. if bank is commenting and auditor is not detecting , it is professional negligence on the part of auditor.

Anas  Dawah
من قبل Anas Dawah , Senior Internal Auditor , Talal Abu-Ghazaleh Global (TAGI)

It is considered because bank errors make a difference between cash balance per bank and per books

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