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The 2020 June bank statement of Wheeler Ltd has just been received from its bankers. The owner, Ken Wheeler, has been quietly monitoring internal controls over few months and has sufficient grounds to believe that cash is being misappropriated in his business. He has approached an accounting consultant, Tony, to verify his accounting records and confirm his worst fears. Tony is supplied with the reconciliation statement at the end of last month together with the cash records and the most recent bank statement of Wheeler Ltd.

Respuesta :

Answer:

Tony should prepare a bank reconciliation statement. He should reconcile all the bank statement items with his accounts.

Explanation:

Wheeler Ltd should reconcile its bank statement with its accounts details. All transactions should be verified and reconciled. If any transaction is found ambiguous then investigation should be done to identify the impact of that transaction. The reconciliation statement prepared by Tony will identify the chances of fraud.

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