IIA
IIA-CFSA · Question #155
The financial institutions' general ledger records activity on deposit accounts. Posting of time deposit transactions usually occurs on the day transaction occurs or the next day. The following…
The correct answer is C. Determine whether deposit transactions and any expense is posted properly. See the full explanation below for the reasoning.
Question
The financial institutions’ general ledger records activity on deposit accounts. Posting of time deposit transactions usually occurs on the day transaction occurs or the next day. The following audit objectives and steps should be considered when performing an audit of deposit accounts EXCEPT:
Options
- AAssess the adequacy of policies, procedures, and internal controls regarding deposit accounts
- BDetermine whether documentation exists to show that accounts are properly opened and closed
- CDetermine whether deposit transactions and any expense is posted properly
- DEnsue that there is adequate separation of duties between the posting and reconciling functions.
How the community answered
(24 responses)- A4% (1)
- B13% (3)
- C75% (18)
- D8% (2)
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