When auditors begin auditing cash, they follow a standard sequence of work. The exact procedures will be tailored based on the nature of the controls that have been implemented and by the results of the auditors' risk assessment process.

CONCEPT REVIEW:

Testing cash involves some standard procedures consistent between all audits as well as tailored procedures based on these introductory steps. Auditors must be mindful of early tests and results to determine how to tailor their procedures to maximize effectiveness and efficiency in cash testing.

Part $2-$ Concept Check