18/08/2026
BANK RECONCILIATION REVIEW AUDIT CHECKLIST
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Audit Area: Bank Reconciliation
Period Under Review: ____________________
Bank Account: ___________________________
Prepared By: ________Auditribe____________
Reviewed By: _____________________________
Date Reviewed: ___________________________
1. Bank Reconciliation Preparation
[ ] Confirm that bank reconciliations are prepared for all active bank accounts.
[ ] Confirm that reconciliations are prepared monthly.
[ ] Obtain the bank reconciliation for the period under review.
[ ] Confirm that the reconciliation covers the correct month and bank account.
[ ] Agree the bank statement balance to the original bank statement.
[ ] Agree the general ledger or cashbook balance to the accounting records.
[ ] Recalculate the reconciliation to confirm mathematical accuracy.
[ ] Confirm that the reconciliation balances to the adjusted book balance.
2. Bank Statement Verification
[ ] Obtain the original bank statement directly from the bank portal or approved source.
[ ] Confirm that the bank statement has not been altered or manually prepared.
[ ] Verify the opening balance against the previous month's closing balance.
[ ] Verify the closing balance against the bank statement.
[ ] Review unusual or unexpected transactions appearing on the bank statement.
[ ] Check whether all bank accounts identified in the general ledger have corresponding bank statements.
3. Outstanding Cheques and Payments
[ ] Obtain the list of outstanding cheques or payments.
[ ] Agree outstanding items to the bank reconciliation.
[ ] Trace selected outstanding cheques to supporting payment documents.
[ ] Check whether outstanding cheques have subsequently cleared the bank.
[ ] Investigate cheques outstanding for an unusually long period.
[ ] Check for stale or cancelled cheques that remain outstanding in the reconciliation.
[ ] Confirm that cancelled cheques have been properly accounted for.
[ ] Investigate duplicate or unusual cheque numbers.
4. Deposits in Transit
[ ] Obtain the schedule of deposits in transit.
[ ] Agree deposits in transit to the bank reconciliation.
[ ] Trace selected deposits to the cashbook and supporting receipts.
[ ] Confirm that deposits subsequently appeared in the bank statement.
[ ] Investigate deposits that remain outstanding for an extended period.
[ ] Check for deposits recorded in the books but not supported by evidence of actual banking.
5. Bank Charges, Interest and Direct Transactions
[ ] Review bank charges appearing on the bank statement.
[ ] Confirm that bank charges have been recorded in the accounting system.
[ ] Check whether bank interest received has been properly recorded.
[ ] Review direct debits and standing orders for proper authorization.
[ ] Review direct credits received into the bank account.
[ ] Investigate transactions appearing on the bank statement but missing from the accounting records.
[ ] Confirm that bank-related adjustments are posted to the correct accounts.
6. Unreconciled Differences
[ ] Identify all reconciling items.
[ ] Confirm that each reconciling item has adequate supporting documentation.
[ ] Investigate old reconciling items.
[ ] Determine whether reconciling items are genuine timing differences.
[ ] Check for unexplained or unsupported reconciling items.
[ ] Review whether reconciling items are repeatedly carried forward from previous months.
[ ] Confirm that incorrect reconciling items are corrected promptly.
[ ] Investigate large or unusual reconciling differences.
7. Completeness and Accuracy
[ ] Perform a reconciliation between the bank statement and general ledger.
[ ] Check the sequence of cashbook transactions for unusual gaps.
[ ] Review whether all bank transactions have been captured in the accounting system.
[ ] Check for duplicate entries.
[ ] Check for transactions recorded with incorrect dates.
[ ] Check for unusual manual journal entries affecting bank accounts.
[ ] Review transactions posted immediately before and after month-end.
[ ] Confirm that transactions are recorded in the correct accounting period.
8. Fraud and Red Flag Review
[ ] Review unusual transfers between bank accounts.
[ ] Investigate payments to employees or related parties that appear unusual.
[ ] Review large round-sum transactions.
[ ] Investigate unusual cash withdrawals.
[ ] Review transactions posted manually to bank accounts.
[ ] Check for payments that were reversed and subsequently reposted.
[ ] Review unusual transactions occurring immediately before or after month-end.
[ ] Check for unauthorized changes to bank account details where relevant.
[ ] Investigate unexplained differences that remain unresolved for several months.
9. Review and Approval
[ ] Confirm that the reconciliation was prepared by an appropriate finance officer.
[ ] Confirm that the reconciliation was independently reviewed.
[ ] Verify evidence of review and approval.
[ ] Confirm that review was performed on a timely basis.
[ ] Check whether reviewer comments were properly resolved.
[ ] Confirm that segregation of duties exists between preparation, review and payment processing.
[ ] Confirm that the person preparing the reconciliation does not have inappropriate access to approve payments or modify bank records.
10. Subsequent Clearance Testing
[ ] Select significant reconciling items and trace them to subsequent bank statements.
[ ] Confirm that outstanding cheques eventually cleared.
[ ] Confirm that deposits in transit were subsequently redited by the bank.
[ ] Investigate items that did not clear within a reasonable period.
[ ] Check whether old reconciling items were subsequently reversed or adjusted.
[ ] Determine whether any reconciling item represents an error rather than a timing difference.
11. Access and Control Review
[ ] Confirm that access to online banking is restricted to authorized personnel.
[ ] Review whether user access is periodically reviewed.
[ ] Confirm that former employees no longer have access to the bank platform.
[ ] Check whether payment authorization requires appropriate approval.
[ ] Confirm that bank account changes require appropriate authorization.
[ ] Review whether bank reconciliation responsibilities are clearly assigned.
[ ] Confirm that bank reconciliations are retained in accordance with the organization's record retention requirements.
12. Auditor's Conclusion
Overall Result:
[ ] Satisfactory
[ ] Satisfactory with exceptions
[ ] Requires improvement
[ ] Unsatisfactory
Key Exceptions Identified:
1. ---
2. ---
3. ---
Potential Risk:
Management Response:
Auditor's Conclusion:
Prepared By: _____AUDITRIBE____ Date: _____________
Reviewed By: __________________ Date: _____________
