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Unformatted text preview: a greater degree of substantive audit procedures to: • Inherent risk is high and control risk is moderate; • Inherent risk and control risks are both low. 8. The two most important controls over cash include? 9. The auditor is concerned about the duplication of recorded cash because the client has numerous bank accounts and routinely transfers cash between those accounts. Briefly describe a substantive audit procedure which the auditors might perform to detect such duplications. 10. State the income statement (and/ or stockholder’s equity) accounts which are being tested when each of the following balance sheet accounts are audited: • Cash • Investments (at fair value) • Accounts receivable...
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This note was uploaded on 08/06/2008 for the course ECON 132A taught by Professor Anderson during the Spring '08 term at UCSB.
- Spring '08