Proof of cash is prepared in the audit when the client has a significant deficiency in internal control in cash.

Name: Proof of cash is prepared in the audit when the client has a significant deficiency in internal control in cash.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Proof of cash is a procedure performed by auditors to verify the accuracy of the cash balance in a company's financial statements. It is typically done when the auditor identifies a significant deficiency in the internal control over cash. Therefore, the statement is true.

Proof of Cash Is Prepared in the Audit When the Client