When the Year-End Cash Balance Is Immaterial,audit Procedures on the Cash

question 94

True/False

When the year-end cash balance is immaterial,audit procedures on the cash account are unnecessary.

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Definitions:

Consistency

The quality of being uniform, stable, and free from contradiction over time.

Consensus

A form of collective agreement where all members of a group support a decision even if it may not be their first choice, ensuring that everyone's opinion is considered.

Self-Serving Bias

is the common human tendency to attribute positive outcomes to one's own character or behaviors but blame outside factors for negative outcomes.

Fundamental Attribution Error

A psychological bias where people tend to attribute others' behavior too much to internal or personal factors and too little to situational factors.