Controls over cash collections are likely the most important control procedure because cash is the asset most susceptible to theft and misappropriation.

Question

Quizplus · Accepted Answer

Cash is a highly liquid asset that can easily be stolen or misused, making it vulnerable to fraud and theft. As a result, controls over cash collections are critical to ensuring that cash received by an organization is properly accounted for and safeguarded.

Controls Over Cash Collections Are Likely the Most Important Control