You have been engaged and you happily accepted to provide audit services to ABC Corporation, an S Corporation Company. The Company has in its balance sheet as cash, the following:

1. Cash Equivalents $ 1,500,000.00
2. Cash in three Bank accounts of:

1. Chase Morgan $ 2,500,000
2. Regions 5,000,000
3. American Bank 900,000

Total Bank Account balances 8,400,000.00

Total of Cash and Cash Equivalents 9,900,000.00

Required:

1. Outline the necessary steps you must take to gather sufficient evidence to convince you that the total cash and cash equivalents is in deed, $9,900,000.

Provide your steps in bullet format and do not discuss them.

2. What amount of evidence in quantity and quality will convince you that your audit risk is very small? Be brief and to the point.