Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Chapter 23, Problem 11RQ
To determine
Identify the purpose of a proof of cash and state the type of misstatement it is used to uncover.
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Using a suitable example, distinguish between skimming and cash larceny
Which of the following is the best audit procedure for the detection of lapping?
a. Comparison of postings of cash receipts to accounts with the details of cash deposits.
b. Confirmation of the cash balance.
c. Reconciliation of the cash account balances.
d. Preparing a proof of cash.
Identify each of the following statements as either true or false. A guideline for safeguarding cash is to separate the duties of those who have custody of cash from those who keep cash records.
Chapter 23 Solutions
Auditing And Assurance Services
Ch. 23 - Explain the relationships among the initial...Ch. 23 - Prob. 2RQCh. 23 - Prob. 3RQCh. 23 - Prob. 4RQCh. 23 - Prob. 5RQCh. 23 - Prob. 6RQCh. 23 - Prob. 7RQCh. 23 - Prob. 8RQCh. 23 - Prob. 9RQCh. 23 - Prob. 10RQ
Ch. 23 - Prob. 11RQCh. 23 - Prob. 12RQCh. 23 - Prob. 13RQCh. 23 - Prob. 14RQCh. 23 - Prob. 15.1MCQCh. 23 - Prob. 15.2MCQCh. 23 - Prob. 15.3MCQCh. 23 - Prob. 16.1MCQCh. 23 - Prob. 16.2MCQCh. 23 - Prob. 16.3MCQCh. 23 - Prob. 17.1MCQCh. 23 - Prob. 17.2MCQCh. 23 - Prob. 17.3MCQCh. 23 - Prob. 18DQPCh. 23 - Prob. 19DQPCh. 23 - Prob. 20DQPCh. 23 - Prob. 21DQPCh. 23 - Prob. 22DQPCh. 23 - You are doing the first-year audit of Sherman...Ch. 23 - Prob. 24DQPCh. 23 - Prob. 25DQPCh. 23 - The amount of subjectivity involved in...
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- Which of the following tasks should the cash disbursement clerk NOT perform?a. review the supporting documents for completeness and accuracyb. prepare checksc. approve the liabilityd. mark the supporting documents paidarrow_forwardHow do you asess the risk of material misstatement associated with the audit of cash?arrow_forwardWhich of the following statements are true regarding the control of cash receipts and cash payments? Custody over cash should be separate from the recordkeeping of cash.arrow_forward
- A voucher system is an example of an internal control procedure over cash payments. True Falsearrow_forwardDescribe the features of voucher system in handling cash disbursements. What is voucher register? What purpose does it serve?arrow_forwardTo establish a petty cash fund, which account is debited ?arrow_forward
- The removal of cash from a victim organization before the cash is entered in the organization’s accounting system is:A. Cash larcenyB. A fraudulent disbursementC. SkimmingD. An illegal gratuityarrow_forwardEntries are made to the petty cash account when Select one: A. establishing the fund B. recording shortages in the fund C. replenishing the petty cash fund D. making payments out of the fundarrow_forwardA basic procedure of internal control over cash receipts is that the deposit of the cash and the recording of the receipts into the journal should be separated. a. True b. Falsearrow_forward
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