Solved: Why cash is inherently a high-risk item on the balance sheet, Accounting Basics

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Why cash is inherently a high-risk item on the balance sheet

Discussion:

1. Discuss why cash is inherently a high-risk item on the balance sheet but not as high a risk to the actual audit program itself.

2. Consider these questions: When is cash a high risk, and when is it a low risk? What are possible outcomes of re-performing a bank reconciliation?

3. What would an auditor do when a discrepancy in the re-performance of the reconciliation of the cash account is discovered?

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Accounting Basics: Why cash is inherently a high-risk item on the balance sheet

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Accounting Basics: Why cash is inherently a high-risk item on the balance sheet

Reference No:- TGS02017487

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