Audit of Cash Count Services
Cash auditing is a complete or partial assessment of cash transactions that your business carries out within a set time frame. You may audit cash to ensure proper documentation of cash received or disbursed and to establish that the cash balance and deposits are accurate.
Our Working Areas
We take a look at the following in cash count:
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- Primary cash assertions
- Cash walkthrough
- Directional risk for cash
- Primary risks for cash
- Common cash control deficiencies
- Risk of material misstatement for cash
- Substantive procedures for cash
Cash Walkthrough
In performing cash walkthroughs, Following are some ask questions:
- Are all bank accounts on the general ledger?
- What persons are on the bank signature cards?
- Are all bank accounts reconciled?
- Who has the authority to open and/or close bank accounts?
Primary Cash Assertions
The primary relevant cash assertions are:
- Existence
- Completeness
- Rights
- Accuracy
- Cutoff
Substantive Procedures for Cash
The foloowing are the customary audit tests:
- Confirm cash balances
- Vouch reconciling items to the subsequent month’s bank statement
- Ask if all bank accounts are included on the general ledger
- Inspect final deposits for proper cutoff
Primary Cash Assertions
What is directional risk? It’s the potential bias that a client has regarding an account balance. A client might desire an overstatement of assets and an understatement of liabilities since each makes the balance sheet appear healthier. The directional risk for cash is overstatement.
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