During the Count of Cash on Hand, It Is Not

question 49

Multiple Choice

During the count of cash on hand, it is not necessary for the auditor to:

• A) control both cash and non-cash negotiable instruments held by the client.
• B) insist on the presence of an internal auditor throughout the count.
• C) insist on the presence of the custodian of the cash throughout the count.
• D) obtain a signed receipt from the custodian on return of the funds.
• E) ascertain that all undeposited funds are payable to the order of the client, either directly or through endorsement.

---

Definitions:

Creaky

Emitting or making a sharp, harsh, grating, or squeaking sound, often used to describe old or worn-out objects.

Substantially Performed

A legal concept in contract law indicating that a party has completed enough of its obligations to warrant payment, even if minor details remain.

Faucets

Devices used to control the flow of water from a water system into a sink, bath, or other plumbing fixture.

Linoleum

A durable, eco-friendly floor covering made from natural materials like linseed oil, cork dust, and wood flour, often used in homes and businesses.