True or false

1. The auditors internal control objective to determine that recorded acquisitions are for goods actually received is to satisfy the audit the objective of completeness of recorded assets .

2. If a clients inventory is counted the day before the yearend date, the auditor must usually ensure that goods received the next day (that is, on the yearend date) are added to both inventory and accounts payable.

3. To gather audit evidence about the cash balance per bank as reflected in a clients bank reconciliation, an auditor would obtain a copy of the clients bank statement.

4. Cash on hand in a business normally has a high inherent risk.