financial statement assertion
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments
Section: Chapter Questions
Problem 8CYBK
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Question
The following questions are listed on the internal control questionnaire for ABC Corporation:
i. Are cash receipts deposited intact daily?
ii. Does an employee verify and approve cash discounts taken?
Required: For each of the above questions, identify
a. the financial statement assertion to which the control relates.
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