Final answer:
The statement is false; proof of cash, a detailed reconciliation process, is not a standard audit procedure applied on every engagement but is rather utilized in specific circumstances where there are concerns about cash transactions.
Step-by-step explanation:
The question whether a proof of cash is an audit procedure that is performed on almost every engagement is false. Proof of cash is a reconciliation process that is more detailed than a bank reconciliation. It is typically performed in situations where there are concerns about cash transactions or when there is a suspicion of misappropriation. However, it is not a standard procedure for every audit.
Instead, auditors may select from a variety of procedures based on the nature of the engagement and the audit objectives. Some of these procedures could include analytical reviews, tests of controls, and substantive testing of transactions and balances.