Which of the following is the most relevant assertion with regards to the audit of cash?
A. Existence
B. Rights and Obligations
C. Valuation and allocation.
D. Presentation and disclosure.
Answer: A
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- Which of the following controls represent a control over cash that is unique to cash accounts?
- Which of the following terms best defines this scenario? The employee steals a payment from Customer X. To cover the theft, the employee applies a payment from Customer Y to Customer X's account. Before Customer Y has time to notice that its account has not been properly credited, the employee applies a payment from Customer Z to Customer Y's account.
- Affirmative answers to which of the following questions would lead the auditor to assess fraud risk at a higher level for cash or other liquid assets?
- Which of the following questions would be relevant for an inherent risk analysis questionnaire related to cash?
- Inherent risk for cash is usually assessed as high for which of the following reasons?
- Which of the following assertions is relevant to whether the cash balances reflect the true underlying economic value of those assets?
- Which of the following assertions is relevant to whether the company has title to the cash accounts as of the balance sheet date?
- The ease with which cash can be stolen is most related to which of the following risks?
- How will the auditor most likely utilize the bank reconciliation as evidence in the audit of cash?
- Which of the following describes documents that accompany customer payments to help the clerk identify the payments?
- Which one of the following is not a fundamental internal control the auditor would expect to find in place for a cash processing system?
- The cash account is significant to the auditor for which of the following reasons?
- The cut-off bank statement is used by the auditor to address which of the following concerns?
- A common accounts receivable fraud is lapping. More sophisticated accounts receivable frauds involve
- As cash processing systems become more automated and integrated, the general concept of segregation of duties
- Clark Company has two bank accounts. In the table below, which of the transfers listed would indicate possible kiting between Bank A and Bank B? Bank A Dep. Bank A Dep. Bank B Tran. Bank B Tran. Per Books Per Bank Per Books Per Bank
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