IIA-CIA-PART2 · Question #262
During a review of the treasury function an internal auditor identified a risk that all bank accounts may net to include in the daily reconciliation process. Which of the following responses would…
The correct answer is C. The treasury analyst reviews a daily report automatically generated by the treasury system, which. To mitigate the risk that all bank accounts may not be included in the daily reconciliation process, the most effective response is to ensure that the treasury analyst reviews a daily report generated by the treasury system. This report highlights any bank statements that have…
Question
During a review of the treasury function an internal auditor identified a risk that all bank accounts may net to include in the daily reconciliation process. Which of the following responses would be most effective to mitigate this risk?
Options
- AThe treasury supervisor establishes a threshold for amounts on bank statements to be reconciled
- BThe treasury analyst performs a daily reconciliation of al bank statements obtained via email
- CThe treasury analyst reviews a daily report automatically generated by the treasury system, which
- DThe treasury supervisor seeks an annual confirmation from the bank regarding the bank
How the community answered
(45 responses)- A4% (2)
- B7% (3)
- C76% (34)
- D13% (6)
Explanation
To mitigate the risk that all bank accounts may not be included in the daily reconciliation process, the most effective response is to ensure that the treasury analyst reviews a daily report generated by the treasury system. This report highlights any bank statements that have not been uploaded into the accounting system, ensuring that all accounts are accounted for in the reconciliation process. This automated approach reduces the risk of human error and ensures completeness and accuracy in the reconciliation process.
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