1. Employee A receives checks from customers and logs them into the register for check receipts (sub-ledger). S/he also posts the receipt to the relevant customer sub-ledger and is responsible for depositing the checks into bank. (Amounts from sub-ledgers are posted into the General ledger). However, in the most recent month, the employee deposited receipts from 3 customers in a personal bank account that s/he opened in a name similar to that of the Company. Which of the following control(s), if operating effectively would detect the fraud?

A. Only authorized personnel have access to the check register

B. Review of customer receivable aging analysis (AR aging)

C. Reconciling cash per GL to cash per Bank( Bank reconciliation)

2. The concept of professional skepticism requires an auditor to presume that Management is likely to misstate the financial statements.

A. True B. False

3. Under the current environment, travel is coming to a grinding halt. Consequently, last week Delta Airlines announced that it would be grounding 400 of its aircrafts indefinitely. Assume that these aircrafts were recorded as fixed assets on Deltas balance sheet. This decision is most likely to impact the ___________ assertion related to fixed assets.