Which of the following is a correct statement?
◦ The proof of cash receipts is a test of the balance in the cash account at a point in time.
◦ The proof of cash disbursements is effective for discovering a check written for the incorrect amount for which the dollar amount in cash disbursements is also incorrect.
◦ It is extremely difficult for an auditor to detect thefts of cash, especially omitted transactions and account balances.
◦ Segregation of duties is not an important control procedure for cash in a small business.