Cash is difficult to protect because it is easy to transfer and its ownership difficult to prove. These statements are?.

1 answer:

4 0

The following are some causes for a bank balance to differ from a company's balance: Deposits in transit, Charges for printing checks and bank services, Accounting mistakes at the business.

<h3>What are financial statement audits mostly focused on?</h3>

In a financial statement audit, the auditor is able to determine with a reasonable degree of assurance whether there are no major misstatements in the financial statements.
Cash can easily stolen or misplaced. As a result, it's critical to put internal controls in place to protect these assets and ensure that only authorized individuals have access to them.
A fundamental internal control process is to deposit all cash receipts in the bank as soon as possible. Cash receipts are frequently deposited by businesses each day.
The following are some causes for a bank balance to differ from a company's balance: Deposits in transit, Charges for printing checks and bank services, Accounting mistakes at the business.

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