During the count of cash on hand, it is not necessary for the auditor to:

Question

Quizplus · Accepted Answer

The presence of an internal auditor throughout the cash count is not a necessity for the external auditor. The external auditor's primary concern is to ensure the accuracy and integrity of the cash count, which involves overseeing the process, ensuring the custodian of the cash is present, obtaining a signed receipt upon returning the funds, and verifying that all undeposited funds are correctly payable to the client. The involvement of an internal auditor, while potentially beneficial, is not a requirement for the external auditor to fulfill their responsibilities during the cash count.

During the Count of Cash on Hand, It Is Not