《auditing审计学-基于环境变化的概念》sm_ch12

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1、SOLUTIONSFORCHAPTER12—AUDITOFCASHANDOTHERLIQUIDASSETSReviewQuestions:12-1.Itisimportantthatcashandliquidassettestingbecoordinatedbecausetheassetscanbequicklymovedandthussubstitutedforeachother.Forexample,anorganizationcouldquicklymoveassetsbetweencashandcertific

2、atesofdeposit.12-2.GeneralCashAccount.Thisistheaccountusedtotransactmostoftheorganization'scashtransactions.Itisusuallyahighvolume,butlowbalanceaccount.Becauseofitshighvolumeanditsliquidityitissusceptibletogreaterriskthanmostassetaccountsofthesamesize.ImprestPay

3、rollAccount.Thisisanaccountthatismaintainedstrictlyforthepaymentofpayroll.Theorganizationmakesadepositequaltothemonthlyorweeklypayrollaccountatthetimethepayrollchecksorelectronictransfersareissued.Theaccountisusedtominimizeaccountingcostsandtoisolatepayrollrisks

4、tooneaccount.BranchAccounts.Theseaccountsaresetupinbranchesoflargerorganizationstofacilitatedeposits,andinsomecases,toprovidefundsforthebranchtomakedisbursementsforgoodsandservicesneededatthebranch・Thebalancesoftheaccountsareusuallylimitedanddepositsareusuallytr

5、ansfeiTedtothecentralaccountonafrequentbasis.However,thereisriskoffraudorunauthorizeddisbursementsbecauseifstrongcontrolproceduresarenotimplementedtorestrictaccesstothebranchfunds.12-3.Wedisagreewiththeauditorsassessmentofinherentriskofcashtransactionsaslow.Gran

6、ted,theaccountingforcashandmarketablesecuritiesisnotoverlycomplex.However,theliquidityoftheaccounts,coupledwiththeirsusceptibilitytofraudormisappropriation,makestheinherentriskoftheaccountsatleastmoderate-ifnothigh.Mostorganizationsrecognizethehighinherentriskas

7、sociatedwiththeaccountshandhaveimplementeddetailedcontrolprocedurestoreducecontrolrisktoaminimallevel.12・4.Cash,whenwellmanaged,isnotalargebalanceaccountatyear-end.However,itissusceptibletofraudbecause(1)itisahighvolumeaccountduringtheyear,and(2)itisliquidandthu

8、seasilysusceptibletodefalcationorotherfraudulentschemesifasufficientcontrolstructureisnotinstituted.Threetypesoffraudthatmayoccurwithcashandthetypesofauditprocedurest