How does cash control deficiencies affect the development of audit procedures for cash?

Q: Which audit claims will be met by the audit method of cash count and bank verification requests

A: introduction: If the management's financial statements have any inaccuracies or frauds, the only…

Q: Which of the following is not a basic characteristic of a system of cash control? Group of answer…

A: Every business organizations are required to implement the proper controls so as to avoid the theft…

Q: Define what is meant by internal control and describe some key elements of an internal control…

A: Internal Control: Internal control can be defined as a process to ensure achievement of the…

Q: In what manner can cash receipts and cash disbursements be controlled?

A: Budget: A budget is an estimation to determine the income that will be earned and expenses that will…

Q: Preparing the bank recociliation is consifered to be an important step in interna; control process…

A: Bank reconciliation refers to the process of reconciling the balances of the accounting records of…

Q: Describe the audit procedure for cash.

A: Step 1   Basically, cash is a very sensitive item and highly risky on which there is always a fear…

Q: Which of the following is the best audit procedure for the detection of lapping?   a. Comparison of…

A: Lapping means deliberately misappropriation of the funds by the employee of the organization.  When…

Q: What are the steps in approach to internal control over cash receipts that utilizes separation of…

A: Cash receipts are the payment that customer receives from the sales made. The Lock-box system is…

Q: What is the major purpose of an imprest petty cash fund? A. to effectively plan cash inflows and…

A: Imprest petty cash fund is cash balance with the petty cashiers for paying little business…

Q: Why is it important to have internal controls in managing and handling cash? What internal controls…

A: Answer: Internal controls are the controls that are set to maintain the integrity and make…

Q: List the transaction-related audit objectives for the verificationof cash receipts. For each…

A: Audit objectives for verification of cash receipts are- Recorded sales Database management…

Q: Explain the relationships among the initial assessed controlrisk, tests of controls and substantive…

A: An evaluation of the efficacy of the controls implemented within an organization is known as the…

Q: effects of cash restriction regulations on management of customer banking practices

A: In evaluation to unrestricted cash, restricted cash isn't freely on hand for a company to spend or…

Q: Is there a way to verify that cash equivalents are properly classified? If so, how would it fit into…

A: Cash Equivalents means any short-term investment securities with maturity periods of 90 days or…

Q: Which of the following reports can improve internal control by tracking unauthorized changes to…

A: Solution: An audit log is a IT record that record sequence of activities in the system at any time…

Q: Which of the following is correct? Cash disbursement function is for the accounts payable. Cash…

A: Cash disbursement: It refers to the outflow of cash paid in exchange for the provision of goods or…

Q: What type of internal controls would ensure proper classification of cash equivalents and how would…

A: Cash equivalents represent the current assets which are highly liquid. These are usually less risky…

Q: How is the directional risk of cash applied in determining the  appropriate audit procedures to be…

A: Cash is a type of asset which very essential in terms of Accounting as well as Economics.As cash is…

Q: a. Identify the internal control weaknesses in the cash receipts process b. For each weakness,…

A: Internal controls are the set procedures, and mechanisms implemented by the company for better and…

Q: What feature of the acquisition and expenditure control would be expected to prevent an employeefrom…

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Q: related to cash? What are the most important assertions related to cash? How will auditors test…

A: Cash is a highly liquid asset held by a business firm at a point in time. It is recorded under the…

Q: In preparing for the audit of cash, the auditors perform analytical procedures concerning cash…

A:

Q: During an audit of cash, the auditor is most concerned with the management assertion ofa.…

A:

Q: What is the importance of each assertion in the audit of cash?

A: Introduction:- Assertions are an important characteristic of auditing. Assertions play vital role in…

Q: For control purposes, any cash overage should be

A: Petty cash is the cash fund which has been established by the company in order to make the day to…

Q: How do you asess the risk of material misstatement associated with the audit of cash?

A: The risk of material misstatement seems to be the result of a mix of inherent and control risks. In…

Q: What internal control functions are performed by a cashregister and point-of-sale system? How are…

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Q: Why is it critical to have internal controls in place when it comes to managing and handling cash?…

A: Internal controls are the controls that are set to maintain the integrity and make financials as per…

Q: Where do I find a businesses internal controls over cash receipts and cash payments?

A: Because cash is by far the most flexible of all assets, a business firm cannot survive or even…

Q: Which of the following procedures would weaken control over cash receipts that arrive through the…

A: Solution Introduction Internal control Internal control is the policies and systems that are put in…

Q: Why is access control over revenue cycle documents just as important as the physical control devices…

A: Access Control: Access control is the electronic framework of an organization. They are intended to…

Q: Explain the relationships among the initial assessed controlrisk, tests of controls and substantive…

A: The cash account is affected by the transaction in most of the cycles. Since there is a relationship…

Q: di

A: Audit procedures are the processes, techniques, and methods that auditors perform to obtain audit…

Q: As part of a strong internal control system, which of the following accounting duties needsto be…

A: Internal control system: It can be defined as a structure consisting of the procedures, rules, and…

Q: Why is it important to have internal controls in managing and handling cash? What internal controls…

A: Cash controls can be done by managing the cash policies and procedures. By maintaining the systems…

Q: Where in the cash receipts process does supervision play an important role?

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Q: Which of the following procedures is least likely to be performed before the balance-sheet date?a.…

A: Balance-sheet represents the financial position of the organization related to a specific period in…

Q: Why is the monthly reconciliation of bank accounts by an independent person an important internal…

A: Bank reconciliation statement is an important tool for internal control and it is prepared at the…