Will the audit procedures concerned with tests of details of general cash address the assertion listed? The
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Will the audit procedures concerned with tests of details of general cash address the assertion listed?
The above questions deal with discovering fraud in auditing year-end cash. Choose the best response.
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Audit Procedure Assertion Yes/No? Obtain a standard bank confirmation from each bank with which the client does business. Compare the balance on the bank reconciliation obtained from the client with the bank confirmation. Inquire of management whether all bank accounts have been disclosed and presented in the financial statements. Verify that balances in foreign currency bank accounts have been translated using correct exchange rates at year-end. Completeness Accuracy Existence Cutoff
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Related Book For
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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