Auditing

They document the level of independence maintained by the auditor

They should be considered as the principle support for the auditor’s report

They should not contain details regarding weaknesses in the internal control system

They help the auditor to monitor the effectiveness of the audit firm’s quality control

It results in the deliberate misappropriation of cash receipts

It is associated with cash receipts

If same individual maintains cash receipts and cash payments teeming and lading is likely to exist

To conceal the shortage, the defraud, usually, tries to keep bank and book amounts in daily agreement so that a bank reconciliation will not detect the irregularity.

Sample size

Audit risk

Materiality

Expected error

assets

liabilities

income and expenditure accounts where appropriate

all of the above