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Explain in your own words how you would test/audit the followingaccounts: a. Cash b....

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Accounting

Explain in your own words how you would test/audit the followingaccounts: a. Cash b. AR c. Inventory

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CASH 1 First of all Internal control over the cash payments and cash receipts should be carefully examined to ensure that they are properly authorized and accounted for 2 Petty cash expenditure should be checked thoroughly as there are high chances kf missappropriation in these 3 Any unusual payment or receipt and exceptional items which are inconsistent with previous year should be carefully examined 4 Seggregation of duties shall be made for example petty cashier and person maintaining cash book shall not be the same person as this will increase the chances of fraud or errors 5 There are possiblity    See Answer
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In: AccountingExplain in your own words how you would test/audit the followingaccounts: a. Cash b. AR...Explain in your own words how you would test/audit the followingaccounts: a. Cash b. AR c. Inventory

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