What is the Importance of Bank Reconciliation Statement?

Bank reconciliation is a tool which helps in detecting irregularities, errors and frauds in banking transactions, cash book and bank pass book.
Here are the characteristics of bank reconciliation statement:
Bank reconciliation statement ensures the efficiency of the balances shown by the pass book and cash book.
Cash is the most valuable and important asset of any company. BRS helps in controlling unauthorized withdrawals from the bank.
The reconciliation brings out any error that has been omitted from the cash or pass book.
Reconciliation brings out any undue delay in the clearance of check.
Reconciliation helps in regular monitoring of cash flows as it is prepared monthly.
It helps in bringing cash book balance and pass book balance in sync.