Audit Assertions For Cash documents are essential tools in the Australian audit landscape, providing a systematic approach to verifying cash-related items in financial statements. These assertions are developed in accordance with Australian Auditing Standards, particularly ASA 500 and ASA 315, and address the specific requirements of the Corporations Act 2001. The document is used when conducting financial audits to ensure comprehensive coverage of all aspects of cash and cash equivalents, including existence, rights and obligations, completeness, accuracy, and presentation. It incorporates considerations for various cash handling scenarios, from traditional banking relationships to digital payment systems, while ensuring compliance with Australian regulatory requirements and professional standards. The assertions serve as a foundational element in establishing audit evidence and supporting audit opinions in the Australian context.
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1. Purpose and Scope: Defines the purpose of the audit assertions document and its scope in relation to cash and cash equivalents
2. Basis of Preparation: References to relevant accounting standards, auditing standards, and regulatory requirements that form the basis for these assertions
3. Cash Components Definition: Detailed definition of what constitutes cash and cash equivalents for the purpose of these assertions
4. Assertion Categories: Overview of the key assertion categories: Existence, Rights and Obligations, Completeness, Accuracy/Valuation, and Presentation/Disclosure
5. Existence Assertions: Specific assertions regarding the physical existence and verification of cash balances
6. Rights and Obligations Assertions: Assertions regarding the entity's rights to cash assets and any restrictions or obligations
7. Completeness Assertions: Assertions ensuring all cash transactions and balances are recorded
8. Accuracy and Valuation Assertions: Assertions regarding the accurate recording and valuation of cash items
9. Presentation and Disclosure Assertions: Assertions about proper presentation and disclosure in financial statements
10. Testing Procedures: Overview of procedures to test and verify each assertion
11. Documentation Requirements: Required documentation to support the assertions and testing procedures
1. Foreign Currency Cash: Additional assertions for entities holding significant foreign currency cash balances
2. Restricted Cash: Specific assertions for cash balances with restrictions or special purposes
3. Digital Payment Systems: Additional assertions for entities with significant digital payment operations
4. High-Volume Cash Operations: Special considerations for entities handling large volumes of cash transactions
5. Multiple Banking Relationships: Additional assertions for entities with complex banking arrangements
6. Cash in Transit: Specific assertions for entities with significant cash-in-transit operations
1. Bank Confirmation Template: Standard template for obtaining bank confirmations
2. Cash Count Procedures: Detailed procedures for physical cash counts
3. Bank Reconciliation Template: Standard template for bank reconciliation testing
4. Cash Controls Checklist: Checklist for evaluating internal controls over cash
5. Risk Assessment Matrix: Template for assessing risks related to cash assertions
6. Testing Programs: Detailed testing programs for each assertion category
7. Documentation Checklist: Checklist of required documentation to support assertions
8. Regulatory Reporting Requirements: Summary of relevant regulatory reporting requirements for cash
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