The balance of petty cash is generally material and for this reason the majority of audits
involve a significant audit of petty cash.

Name: The balance of petty cash is generally material and for this reason the majority of audits involve a significant audit of petty cash.
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Question

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Petty cash typically involves a small amount of money, and its balance is generally immaterial to the overall financial statements, so audits do not usually focus significantly on petty cash.

The Balance of Petty Cash Is Generally Material and for This