Cash count
A cash count is a physical count of currency and coins held at a particular time, compared with relevant records and investigated for differences. The auditor considers custody, count procedures and evidence about the assertion being tested. Cash equivalents are not necessarily physical cash.
Worked example
The auditor counts a petty cash float with the custodian and reconciles the total with the cash record and supporting vouchers.
Common mistake
Counting physical cash does not by itself establish all bank balances, completeness of receipts or ownership.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | AA | Supporting | September 2026–June 2027 |