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I’m really confused by the word ‘cast’, when it’s used in the context of substantive procedures.
For example, ‘obtain aged payables listing, cast and agree to the financial statements’.
In the above example does the word cast mean ‘recalculate’? If it does, then why not say ‘recalculate’ instead of ‘cast’? Or did I get this completely wrong?It simply means sum/add up – i.e. add up all the individual amounts to confirm the total. It is simpler than “recalculate” which suggest something more complicated than adding up a list of numbers – e.g. recalculate a depreciation expense would involve multiplication (by a %) or division (by a number of years).
Thank you, Kim! Your reply is very much appreciated!
I found your explanation very helpful! 🙂
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