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Bank Reconciliation Statement
06-03-2010, 04:38 PM
Post: #1
Bank Reconciliation Statement
Dear Forum Fellow!
i recently joined as private company as Jr. account . i maintain company banks accounts .for audit purpose is necessary to maintain bank reconciliation on monthly basis . if there is no transaction in month .


kind regard!
muhammad rehman
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06-04-2010, 05:43 PM
Post: #2
 
Dear M. Muhammad Rehman,

You can present only one bank reconciliation statement for the whole year to your auditors. It is not necessary to prepare bank reconciliation statement on monthly basis. However, it will make your job easy if you prepare it on monthly basis.

Regards
Zia ur Rahman
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06-04-2010, 07:46 PM
Post: #3
 
Dear,

If there is no reconciling items so why there will be a need of reconciliation? However, in some companies its a matter of policy to prepare a statement every month end and should be signed by the accountant and CFO. If there is no complusion regarding monthly preparation as per your company rules and regulations then it is not mandatory.
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06-12-2010, 05:27 AM
Post: #4
 
Depends on the policy and procedures drafted and devised by companys management and board of governence however..for audit prespective its an effective control if u prepare it on monthly basis ..and there are two reasons to support this point of view
1) that if u prepare reconcialiation on yearly basis in case of no change how the auditor will ensure that balanfce have remained same throught the period or there has been deposits and withdrwals of huge amounts but balance at perid end is same.

2) its an effective control as per COSO framework.

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Muhammad Rehman</i>
<br />Dear Forum Fellow!
i recently joined as private company as Jr. account . i maintain company banks accounts .for audit purpose is necessary to maintain bank reconciliation on monthly basis . if there is no transaction in month .


kind regard!
muhammad rehman

<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
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