Final answer:
The receipt of a standard bank confirmation is a crucial starting point in the audit process for verifying a company's general cash account balance, making the statement True.
Step-by-step explanation:
When auditing the general cash account, the receipt of a standard bank confirmation is indeed often the starting point for verifying the company's general cash account balance. The statement is True. A bank confirmation is a report from the company's bank that provides the auditor with information about the cash balances and any other relevant matters at the bank. This includes the account balances as of a specific date, details on any outstanding loan balances, and information about the terms and conditions of the banking arrangements. The auditor uses this confirmation as a basis to reconcile the cash records held by the company with those reported by the bank, ensuring that the amount reported in the financial statements is accurate and free from material misstatement.