Question
Discuss why cash is inherently a high-risk item on the balance sheet but not as high a risk to the actual audit program itself. Consider
Discuss why cash is inherently a high-risk item on the balance sheet but not as high a risk to the actual audit program itself. Consider these questions: When is cash a high risk, and when is it a low risk? What are possible outcomes of re-performing bank reconciliation? What would an auditor do when a discrepancy in the re-performance of the reconciliation of the cash account is discovered?
Step by Step Solution
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Step: 1
During preliminary audit procedures risk assessment audit engagement team will determine the risk of material misstatement over cash which will includ...
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Step: 2
Step: 3
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Intermediate Accounting
Authors: James D. Stice, Earl K. Stice, Fred Skousen
17th Edition
032459237X, 978-0324592375
