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Audit Assertions For Cash

Audit Assertions For Cash Template for Singapore

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Audit Assertions For Cash

"Need to prepare Audit Assertions For Cash for a Singapore-based fintech company with multiple digital payment systems and foreign currency transactions, ensuring compliance with MAS digital payment regulations."

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What is a Audit Assertions For Cash?

Audit Assertions For Cash represents a critical component in Singapore's financial audit framework, used when conducting detailed examinations of an organization's cash positions and related internal controls. The document is essential for ensuring compliance with Singapore's stringent financial reporting standards and regulatory requirements. It includes comprehensive statements about cash existence, ownership, completeness, and valuation, supporting the overall audit opinion and providing stakeholders with assurance about the integrity of cash-related financial statements.

What sections should be included in a Audit Assertions For Cash?

1. Scope and Objectives: Defines the purpose and scope of the cash audit assertions

2. Assertion of Existence: Confirms that cash balances physically exist and are properly recorded at the balance sheet date

3. Assertion of Rights and Obligations: Confirms entity's legal rights to cash assets and related obligations, including any encumbrances

4. Assertion of Completeness: Confirms all cash transactions and balances are recorded appropriately and none are omitted

5. Assertion of Valuation: Confirms cash is valued correctly, including proper currency translation where applicable

What sections are optional to include in a Audit Assertions For Cash?

1. Foreign Currency Considerations: Additional assertions and procedures for entities dealing with multiple currencies and foreign exchange transactions

2. Digital Payment Systems: Specific assertions and procedures for electronic payment systems, digital wallets, and online banking

3. Restricted Cash: Additional assertions for cash balances with restrictions on use or withdrawal

What schedules should be included in a Audit Assertions For Cash?

1. Schedule A: Bank Reconciliation Statements: Detailed reconciliation of bank statements with book records for all bank accounts

2. Schedule B: Cash Count Procedures: Documentation of physical cash verification procedures and results

3. Schedule C: Currency Conversion Rates: Schedule of exchange rates used for foreign currency translation

4. Appendix 1: Control Testing Results: Summary of internal control testing related to cash management and handling

5. Appendix 2: Regulatory Compliance Checklist: Checklist confirming compliance with relevant Singapore regulations regarding cash handling and reporting

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Industries

Companies Act (Chapter 50): Primary Singapore legislation governing corporate entities, including requirements for financial reporting and audit

Accountants Act (Chapter 2): Legislative framework regulating the accounting profession and public accountants in Singapore

Securities and Futures Act (Chapter 289): Legislation governing financial market activities and reporting requirements for listed entities

Banking Act (Chapter 19): Regulatory framework for banking operations and financial reporting in Singapore

Singapore Standards on Auditing (SSAs): Professional standards that govern audit practices and procedures in Singapore

Singapore Financial Reporting Standards (SFRS): Local financial reporting standards that specify accounting and disclosure requirements

ISCA Guidelines: Professional guidelines issued by the Institute of Singapore Chartered Accountants

MAS Regulations: Regulatory requirements set by the Monetary Authority of Singapore for financial institutions

AML/CFT Requirements: Anti-Money Laundering and Countering the Financing of Terrorism regulations for cash transactions

Cash Transaction Reporting Requirements: Specific reporting requirements for large cash transactions in Singapore

International Standards on Auditing: Global auditing standards that influence Singapore's audit practices

International Financial Reporting Standards: International accounting standards that form the basis for SFRS

COSO Framework: Committee of Sponsoring Organizations framework for internal control assessment

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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