ACCT 470

Chapter 23 Homework The following questions deal with auditing year-end cash and financial instruments. Choose the best response. A CPA obtains a January 10 cutoff bank statement for a client directly from the bank. Very few of the outstanding checks listed on the client's December 31 bank reconciliation cleared during the cutoff period. A probable cause for this is that the client transmitted the checks to the payees after year-end. In establishing the existence and ownership of an inve...