Multiple Choice
The balance-related audit objective to determine that cash in bank is properly presented and disclosed can be met through which of the following tests of details of balances?
A) Trace outstanding cheques to subsequent period bank statement.
B) Examine minutes, loan agreements, and the bank confirmation for restrictions on the use of cash and compensating balances.
C) Foot the outstanding cheque list and deposits in transit.
D) Test for kiting.
Correct Answer:
Verified
Correct Answer:
Verified
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