November 20, 2018

Auditing Cash

Hello,

I don't have much experience as an auditor, but how important is it for cash to reconile to the bank? I am working on an audit and note that our client hasn't been able to fully reconcile to the bank. The difference is below materiality, but above the trival threshold (can you put materiality on something like a bank reconcilation? positive/negaitve transactions could offset making the difference much lower). I talked to my manager and they are okay with it not reconiling, yet I think it's kind of a red flag that the client cannot perform a bank reconcilation. How can you even perform audit testing on a reconcilation that doesn't reconcile? Wanted to get advice from more senior auditors on how to handle something like this. Thanks!

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Grant Thornton and the Antichrist

al pacino_devil.jpgIt’s rather mysterious that the New York office of Grant Thornton is located at 666 Third Ave. As I’m sure our more pious readers know, the significance of the 666 is commonly known as “The Number of the Beast“. We won’t get into any more specifics than that other than to mention that it is a pretty creepy-ass looking number.
Is G to the T run by a secret group of Al Pacino-esque figures that are working against the forces of good?
Maybe not but the otherwise boring-assness of that particular lobby is def working too hard to not be noticed…