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How does allocation of responsibilities affect audit process

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Reference no: EM132823377

Problem 1: Jane works for Middle Co. She is responsible for opening the mail and preparing the bank deposit for cheques received, which she then gives to the owner. After the owner has deposited the cash, he gives Jane the stamped bank deposit slip, which she uses to record the cash received in the accounts receivable records. How does this allocation of responsibilities affect the audit process?

A) The auditor should increase control testing with respect to the accuracy assertion.
B) The auditor should do substantive tests (compare the deposit slips to the accounts receivable records).
C) The auditor should consider the possibility of material fraud.
D) The auditor should increase control testing with respect to the completeness assertion.

Reference no: EM132823377

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