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What even is money?
Count it.
Banks/financial services audits are my specialization. Ive always seen cash divided into two parts - cash on hand (the teller cash/bank vault type of money) and cash in banks (a bank’s own deposit account with the federal reserve, federal home loan bank, other banks, etc).
We generally only care about the cash in banks & 9x out of 10 just confirm & tie out the gl reconciliation. We’ll also look at suspense account recs and maybe do some testing (depending on whether it’s a public or private, etc). Most of my private clients all we do is confirm the cash in banks & were done though!
One of the best perks of being a bank auditor is there are no inventory counts 🙂 we’re not going into the vault and counting gold bars lol
I have never seen a situation where cash confirmations for a bank audit fail. You more than likely would not be able to use alternative procedures because the 100% projected misstatement would always be material.
It's never going to happen but in theory if confirmations could not be obtained and alternative procedures are unavailable, the auditor is going to withdraw or at least give a disclaimer opinion.
Depends on where it's held
Agree with AA1- I’d consider obtaining proof of cash via cash count observation (banks should have cash count schedule/procedures in place); obtain the client’s count support and agree their totals to cash counted
Is it physical cash or the virtual cash that we all have which is not really there??
What SAS1 said