13. These are the tests of controls by the auditor related to cash receipts. Which of these also addresses the completeness assertion related to cash receipts?

A. Inquiring if the mail log is prepared by someone independent of the cash receipts process.
B. Inquiring if duplicate copies of receipts are retained.
C. Inspecting checks prior to deposit for restrictive endorsement.
D. Inquiring if cash drawers are locked during a cashier's absence.

Question

14-07-2024
Business

Answered

13. These are the tests of controls by the auditor related to cash receipts. Which of these also addresses the completeness assertion related to cash receipts?

A. Inquiring if the mail log is prepared by someone independent of the cash receipts process.
B. Inquiring if duplicate copies of receipts are retained.
C. Inspecting checks prior to deposit for restrictive endorsement.
D. Inquiring if cash drawers are locked during a cashier's absence.

Answer :

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Final answer:

To test completeness assertion related to cash receipts, methods like inspecting checks and inquiring about duplicate copies of receipts retained can be used.

Explanation:

Completeness assertion related to cash receipts can be tested through methods like inspecting checks prior to deposit for restrictive endorsements. This ensures that all received cash is deposited. Another method is inquiring about duplicate copies of receipts retained, as missing duplicates could indicate missing cash transactions. These tests provide assurance that all cash receipts are included in the financial records.

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