The cash account is significant to the auditor for which of the following reasons?
A) The cash account is the culmination of a large volume of transactions.
B) The cash account is not as susceptible to fraud as most other accounts.
C) Cash is the only account that provides opportunity for fraud.
D) Automated systems do not possess the capability to maintain strong internal controls over cash.
Correct Answer:
Verified
Q45: During the testing of a year end
Q45: Electronic authorization privileges for cash transactions may
Q47: A compensating balance arrangement usually results in
Q47: Which one of the following is not
Q48: Which one of the following risks is
Q48: All marketable securities are carried at fair
Q53: Which of the following controls would be
Q54: Thinly traded securities have a greater inherent
Q58: The ending price of securities can be
Q60: Effective internal control over the cash account
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents