ACCA Audit and Assurance (F8) Practice Exam

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Study for the ACCA Audit and Assurance (F8) Exam. Enhance your skills with flashcards and objective questions, each offering hints and explanations. Prepare confidently for your exam today!

Practice this question and more.

Which procedure is commonly done after the cash count?

Update the external auditors on findings
Gather certificates of cash in hand
Reconcile cash with budget reports
Initiate a training program for staff

The correct answer is: Gather certificates of cash in hand

The appropriate procedure following a cash count typically involves gathering certificates of cash in hand. This process aims to obtain formal documentation that verifies the amount of cash physically present and supports the accuracy of the cash count. Certificates serve as an affirmation from the relevant authority managing the cash, providing a reliable audit trail which is essential in financial reporting and for internal controls. In an audit context, confirming the figures through supporting documentation, such as certificates or other evidence, ensures that the cash count aligns with the financial records and facilitates any necessary adjustments or reconciliations. This step is crucial in maintaining the integrity of the financial statements and is standard practice to uphold accuracy and compliance within financial operations.