AUDIT OF CASH & CASH EQUIVALENTS 1. Explain the importance of each assertion in the audit of cash. 2. What are the key factors that can lead to an under/overstatement of the cash balance? 3. How is the directional risk of cash applied in determining the appropriate audit procedures to be performed? 4. What are the different risks associated in the accounting of cash. 5. How does cash control deficiencies affect the development of audit procedures for cash? 6. How do you assess the risk of material misstatement associated with the audit of cash