Select from the option list provided the assertion about cash that the auditor is most likely testing Each choice may be used once, more than once, or not at all Choices Completeness, Accuracy, Valuation and allocation, Existence, Cutoff, Rights and obligations, Occurrence, or Classification and understandability Statement Assertion 1 Ensure that the entity's foreign currency holdings are reported in accordance with GAAP 2 Obtain bank confirmations and prepare reconciliations for each of the entity's bank accounts 3 Compare management's cash budget with the year end balance 4 Vouch a sample of recorded cash receipts to accounts receivable and customer orders 5 Prepare a proof of cash

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Question: Select from the option list provided the assertion about cash that the auditor is most likely testing. Each choice may be used once, more than

Select from the option list provided the assertion about cash that the auditor is most likely testing. Each choice may be used once, more than once, or not at all.

Choices: Completeness, Accuracy, Valuation and allocation, Existence, Cutoff, Rights and obligations, Occurrence, or Classification and understandability

Statement	Assertion
1. Ensure that the entity's foreign currency holdings are reported in accordance with GAAP.
2. Obtain bank confirmations and prepare reconciliations for each of the entity's bank accounts.
3. Compare management's cash budget with the year-end balance.
4. Vouch a sample of recorded cash receipts to accounts receivable and customer orders.
5. Prepare a proof of cash.

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