The balance of cash in often between one to five percent of total assets Tick the most appropriate s...........

Auditing Audit and auditor's report

The balance of cash in often between one to five percent of total assets. Tick the most appropriate statement with regard to verification of cash in context of this

Cash in always material as materiality is qualitative concept

No audit of cash is needed when, in auditor’s opinion, cash is immaterial. Materiality is a relative concept

The cash balance need only be audited if the balance is in overdraft

Cash is to be verified if control risk is assessed as high

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Explanation:

Audit of cash is very important for any audit, even if controls risk is assessed low, it has to be verified by the auditor to check if the processes are in accordance with the company policies.