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Any other short term highly liquid investments that are readily convertible to known amount of cash eg.
Cash and bank balances. C Cash on hand. Inquire if historically there has been any instance of fraud or misappropriation in the cash and bank balances. Send out bank balance confirmation letters to the bank accounts to verify the balances as well as any loans.
The main concern in this area is to establish the existence of the balances and more recently due to failures in several financial institutions in Kenya valuation of these balances. Review the policies related to cash and bank and identify if there is any weakness in the designing of internal controls. Minimum Cash Balance Requirement 4 A bank shall during a maintenance period maintain in its Current Account and Custody Cash Account an aggregate minimum cash balance of at least an average of 3 of its average Qualifying Liabilities referred to as MCB requirement computed during a.
Introduction to Cash at Bank and in Hand Cash at bank and in hand refers to amounts which are held by a business in the form of notes and coins eg. The client will produce a. Cash at bank and in hand is part of current assets in the balance sheet.
Thus the auditor needs to check the accuracy of the conversion of such casn bank balances in to reporting currency. D Others specify nature. Petty cash or which are held at a bank in the form of on demand deposits such as current accounts and savings accounts.
212 From a good internal control point of view an imprest petty cash fund is usually maintained. Internal Controls for Cash and Bank Balances 21 Inherent risks 211 Unless the clients business is a retail business which involves significant amount of cash balances daily the cash balance is usually immaterial in most audit. But when bank overdrafts occur classification can be in play.
Demand deposits funds kept in bank account which can be withdrawn at any time without prior notice. Cash valuation In a case where the cash and bank balances are maintained other than reporting currency such balances needs to be converted to the reporting currency using appropriate exchange rates. A Balances with banks.
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