The auditor should control and verify all liquid assets simultaneously to prevent: (1) Unrecorded disbursements. (2) Conversion

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The auditor should control and verify all liquid assets simultaneously to prevent:

(1) Unrecorded disbursements.

(2) Conversion of assets to conceal a shortage.

(3) Unauthorized disbursements.

(4) Embezzlement.

The above questions deal with discovering fraud in auditing year-end cash. Choose the best response.

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Auditing The Art and Science of Assurance Engagements

ISBN: 978-0134613116

14th Canadian edition

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Joanne C. Jones

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Question Posted: Jan 14, 2020 12:37 PM

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The auditor should control and verify all liquid assets simultaneously to prevent: (1) Unrecorded disbursements. (2) Conversion

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Auditing The Art and Science of Assurance Engagements

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