Question

Auditors must ensure that internal balancing and reconciliation controls are performed:

a. three times daily.
b. at least once each month.
c. every Friday at noon.
d. each time the ledgers are updated.

Answer 1

Auditors must perform internal balancing and reconciliation controls each time the ledgers are updated to ensure accuracy and integrity of financial records.

Step-by-step explanation:

Auditors must ensure that internal balancing and reconciliation controls are performed each time the ledgers are updated. This ensures the accuracy and integrity of financial records.

Balancing and reconciliation controls involve comparing different sets of records, such as bank statements and cash records, to identify any discrepancies and errors.