Which of the following statements is not correct? Multiple Choice Cash is important to the audit process because of its vulnerability to misappropriation, despite the fact that the balance at the balance sheet date may be immaterial. Payroll cash account balances kept on an Imprest basis are more easily controlled than others not so kept. Reviewing interbank transfers is important to the auditor because of the possibility that the client may be engaged in kiting. Confirmation of cash should only be performed as of the balance sheet date because the auditor expresses an opinion as of that date