FY2025 substantive testing, pass 2

run 2
Materiality $50,000.00 · 25 samples · All cycles
Harbor Point Properties LLC · HPP-2025-03
bank:73|2025-03-27|3 turns
GapSettled
  1. Auditor
    turn 1
    Procedure · Bank reconciliation

    Could you please explain why there appear to be multiple bank payments referencing HPP-2025-03 to Harbor Point Properties LLC? bank_transactions#73

  2. Accountant
    turn 1

    The sampled transaction bank_transactions#73 is a $9,200.00 ACH payment to Harbor Point Properties LLC on 2025-03-27 that matches the invoice invoices#15 and the vendor record vendors#2. The payment ties to a debit in Accounts Payable ledger_entries#325 and a credit to Cash ledger_entries#326. However, the item is not fully supported because the same invoice invoices#15 was already settled by a prior payment bank_transactions#72 on 2025-03-24, resulting in a duplicate payment of $9,200.00.

    • △duplicate_paymentInvoice HPP-2025-03 for $9,200.00 was settled 2 times in the bank feed (#72 on 2025-03-24 and #73 on 2025-03-27), overpaying by $9,200.00.
    Explain this gapDraft an accept-with-noteSimilar items in earlier runs
  3. Controller
    turn 3

    Exception. Remedy: recover cash.