In this modern era of digital transactions, physical cash is no longer the primary medium of exchange. Cashless payments are so commonplace these days that using paper money to buy goods or services can raise suspicion. This may leave accountants with a question: “What impact do cashless transactions have on auditing?”
As there are several methods of accepting cashless payments, auditors must collate and monitor their client’s electronic sales records from various sources. This can be an extremely tedious task.
By following the four steps for auditing cashless transactions in this infographic, accountants can ensure they are collecting and reviewing the necessary records.
Source: https://ohiocpa.com/getinvolved/news/2023/08/23/auditing-cashless-transactions-a-four-step-guide
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