related to cash? What are the most important assertions related to cash? How will auditors test these
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What are the key management assertions related to cash? What are the most important assertions related to cash? How will auditors test these assertions?
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- How do you asess the risk of material misstatement associated with the audit of cash?How is Cash audited?Is there a way to verify that cash equivalents are properly classified? If so, how would it fit into the company's broader system of internal controls over cash In order to back up your statements, provide examples and reference GAAP.
- Why is it critical to have internal controls in place when it comes to managing and handling cash? What internal controls would you recommend? AsapWhat is the importance of cash discounts to the client and howcan the auditor verify whether they are being taken in accordance with company policy?What audit procedures would you use to determine that the cash balances actually exist at the balance sheet date? Is a bank statement provided by the client sufficient audit evidence?