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Cash Audit Walkthrough (How to Perform)

Cash walkthroughs are important in determining whether controls are properly designed and implemented. The audit standards tell us to inquire, inspect, and observe as we perform risk assessment procedures. So these are the actions we'll perform. But what questions should you ask? What documents should you inspect? And what observations should you make? In this video, I explain how you can perform an audit walkthrough to determine the risks related to cash. 0:00 Introduction to cash walkthroughs 0:14 Purpose of the walkthrough 1:34 Sample cash walkthrough questions 1:40 Timely bank reconciliation 2:30 Second person review of bank reconciliation 3:10 All bank accounts on the general ledger 3:33 Proper cutoff 4:20 Segregation of duties for cash 5:35 Lack of segregation of duties for cash 6:08 Substantive procedures — response to risk 6:30 Bank accounts opened and closed 6:40 Bank signature cards 7:05 Nature of each bank account 7:22 Cash equivalents 7:39 Checks held at end of period 8:14 Audit requirements: inquire, inspect, observe 9:12 Are controls properly designed and implemented for cash 9:32 No controls means more substantive work 9:53 Summary of cash walkthroughs #CPAHallTalk