Improper payments of officers' personal expenditures is a type of misstatement in cash that will normally be discovered as part of the audit of the bank reconciliation.

Question

Quizplus · Accepted Answer

Improper payments of officers' personal expenditures are more likely to be detected through a review of expense accounts and supporting documentation, rather than through the audit of the bank reconciliation, which focuses on reconciling bank statements with the company's cash records.

Improper Payments of Officers' Personal Expenditures Is a Type of Misstatement