Which of the following represents a normal substantive audit procedure for cash balances?
A) Verify material deposits-in-transit to subsequent statements.
B) Review cash confirms received by the client from the bank.
C) Foot cutoff bank statements provided by the financial institutions.
D) Perform kiting techniques to transfer cash between two client accounts.
Correct Answer:
Verified
Q73: A client investing in derivative type investments
Q74: Which of the following best represents kiting?
A)Theft
Q75: The auditor obtains and reviews a cutoff
Q76: The reported fair market value of securities
Q77: How does the auditor typically test for
Q79: The auditor will send a standard bank
Q80: Most international companies purchase hedges to monitor
Q81: Kiting is addressed by the auditor through
Q82: Bank transfer schedules are used by the
Q83: Auditing hedging transactions
Describe the auditing risks involved
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