Examlex
When an auditor chooses not to rely on a client's internal controls because the control design is ineffective,which of the following tests is eliminated?
Collection Float
The time period between when a payment is made by a customer and when the funds become available in the company’s account.
Cheques
Paper instruments that instruct a bank to pay a specific amount of money from the check writer's account to the person or entity in whose name the cheque has been issued.
Deposit
A sum of money placed into an account or given to a party as security for the performance of an agreement.
Daily Interest Rate
The interest rate expressed as a daily figure, often used in calculating interest on loans or savings on a day-to-day basis.
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