Referat tekshirdi: Oblomurodov N. Bajardi: Umarov F. Plan: Audit Cash

O`ZBEKISTON RESPUBLIKASI TOSHKENT DAVLAT MOLIYA INSTITUTI BANK ISHI FAKULTETI BANK HISOBI TAHLIL VA AUDIT FANIDAN


REFERAT


Tekshirdi: Oblomurodov N.
Bajardi: Umarov F.
Plan:

1. 
   Audit Cash
   
2. 
   Analytical Procedures in Audit of Cash
   
3. 
   What Is an Audit for a Cash Register?
   
4. 
   Risk of Material Misstatement for Cash
   
5. 
   Why Cash is High-Risk
   

Audit of cash
Overview
Cash is usually an inherently risky asset on the balance sheet when we audit cash accounts . This is due to cash may be inappropriately used without proper authorization and wrong account or incorrect timing of record may be made involving in cash transactions.
In the audit of cash, the inherent risk of cash is usually assessed as high risk because the nature of cash has several risky elements such as high volume, high liquidity, automation of transactions, debt covenants, high susceptibility of manipulation, etc.
In assessing the risk of fraud related to the cash, we need to consider how high the level of client’s business, control and policy related to incentives, opportunities to commit fraud, and rationalization.
For example, the staff having access to cash think they are being paid too low (incentive). Cash is physically available to employees (opportunity). And top management takes cash without proper recording of transactions (rationalization).
Audit Assertions for Cash
In the audit of cash, we usually test the audit assertions included in the table below:

Audit assertions for cash
Existence	Cash balances on the balance sheet really exist at the reporting date.
Completeness	Cash balances include all cash transactions that have occurred during the accounting period.