For each of the following substantive tests in the area of cash, indicate the primary management assertion being tested by the auditor based on the Auditing Standards Board (ASB) list of management assertions.
(a) Confirm the cash balance with the client’s financial institution using the standard bank confirmation.
(b) Mathematically verify the total amount for outstanding checks listed on the client’s bank reconciliation.
(c) Vouch the amount shown on the client’s bank reconciliation for deposits in transit to the cutoff bank statement received subsequent to the audit date.
(d) Count the cash the client has on hand.
(e) Inquire of client personnel concerning compensating balances required and/or any other restrictions on the use of cash.
(f) Trace checks returned with the cutoff bank statement received subsequent to the audit date to the outstanding checks listed on the client’s bank reconciliation.
(g) Prepare a schedule of interbank transfers from five days before the fiscal year end through five days after the fiscal year end.