Register now or log in to join your professional community.
the main purpose for the accountant in preparing bank reconcilation is to close the differences between books balances and banks balances
As an accountant. BRS is a control mechanism to identify and record appropriately any miss outs. it also helps in giving an insight to the fund flow of the company.
As an auditor, BRS is particularly important if there is a significant difference in bank balance and book balance. it will help in tracing the transactions causing the difference and hence verifying the geniuneness of the account balances.
bank reconcelation is a detective control and detect oiutstandings for accountant to post it
the main purpose for the accountant in preparing bank reconcilation is to close the differences between books balances and banks balances, in the other hand,to ensure that all payments and reciepts have been recorded correctly. While the Auditor has to ensure that the control over banks balances has been existed, and bank balances in general ledger represented fairly and correctly in financial statments.
As an Accountant, the Bank Reconciliation will assist you in resolving the differences existing as far as Organization's transaction in relation to banks.
As an Auditor, it will assist you in verifying the genuineness of the reconcilation prepared by the accountant
At the time of annual audit, the auditors will always examine the company's ending bank reconciliation as part of their testing procedures
As accountant it assist in resolving the difference between bank statement and ledgers.
As auditior out main objective of the verify the genuineness of recon, but auditor one thing auditor should keenly observe and than inquire managent about the long outstanding balances in Bank recon.
.
As an accountnt:
it will help you to know the cash position for the company
and to classsified you future withdrawal
as an Auditor
it will help you in cash fllow to if this company
and to compare between the revienue
that will achioeve the principle of company Going Concern
bank reconcilation is to confirm the book balance and to find out the diferences and reconcile these difrences to ensure that all transaction happened during the period are taken up---- an accontant
an auditor --- consider as a control procedure helps verifying the balances of financial position
يدعم المركز المالي للشركة ويبين قوة الموقف المالي الخاص بها.
