Audit & Assurance

The following which is not fraud-related Audit Procedures :

• Test of detail of cash balances

• Proof of cash

• Test of kiting

• Test of lapping

What assertion of "To ensure that there is no unrecorded cash"

• Existence

• Cut-off

• Detail tie-in

• Completeness

Cash is more susceptible to theft; therefore, there is high inherent risk for the (), (), and () objectives except:

• Existence

• Completeness

• Cut-off

• Accuracy

The following which is internal controls:

• Inherent risks

• Cash receipts and payments

• Test of details of cash balances

• Test of lapping

What assertion for “Examine a sample of cash receipts and payments transactions for proper classification.”

• Classification

• Existence

• Valuation

• Completeness

Companies may purchase marketable securities as a way to temporarily invest excess cash

• True

• False

Examples of cash equivalents include time deposits, certificates of deposit, and marketable securities

• True

• False

__________by the client subsequent to the balance sheet date, but recorded as cash receipts in the current year

• Deposit

• Payments

• Cash received

• Bank balance

Evaluations of financial information made through analysis of plausible relationships among both financial and non financial data is the meaning of:

• Analytical procedures

• Assertions

• Cash equivalents

• Confirmation

Purpose Of Auditing The Cash And Bank Balances

• To determine all cash received is properly recorded

• To ensure all disbursements are properly authorized and documented

• To recorded cash balances matches cash on hand or on deposit

• All above