An external confirmation sent to a customer: a. provides strong evidence for the accuracy, valuation, and allocation

Question:

An external confirmation sent to a customer:

a. provides strong evidence for the accuracy, valuation, and allocation assertion when the customer agrees with the balance owing.

b. requests information about due dates.

c. primarily focuses on accounts where there are small or zero balances.

d. provides evidence for the existence assertion.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing A Practical Approach

ISBN: 9781119709497

4th Canadian Edition

Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton, Valerie Warren

See More Books

Question Posted: Feb 27, 2024 03:11 AM

See More Questions

The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
TLD CPAs is performing the audit of REDTOP Sports. You are on the external audit team for that engagement. Following is some information about the client and its internal audit function. After...
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
Which of the theoretical approaches are the most useful in explaining your organisations current IHRM policies and practices?
Black-welder Factory produces two similar products - small lamps and desk lamps. The total plant overhead budget is $640,000 with 400,000 estimated direct labor hours. It is further estimated that...
The following section is taken from Paynter balance sheet at December 31, 2011. Current liabilities Interest payable ...............$ 40,000 Long-term liabilities Bonds payable (8%, due January 1,...
List examples of (a) two events that are independent. (b) two events that are dependent.
Suppose there are two countries. In the rich country, the representative consumer has Hr units of human capital, and total factor productivity is zr. In the poor country, the representative consumer...
Consider the following two mutually exclusive projects: Year 0 1 2 3 Cash Flow (A) -$217,661 27,300 53,000 55,000 385,000 Cash Flow (8) -$15,679 4,937 8,672 13,234 9,112 Whichever project you choose,...
What external parties could an auditor send a confirmation to?
The assertion of cut-off: a. reflects that all assets and liabilities that should have been recorded are recorded. b. ensures that events have been recorded in the correct accounts. c. is an...
Use each graph to determine an equation of the circle. Express it in center-radius form. (b) (a) (1, 4) 2. +++
1. A concise introduction of the brand, including but not limited to a brief history, location information, size of the business, product/service offering, and so on.Give brief explanation. 2. Which...
A wood frame structure as shown to the right. The framingconsists of 2x6 studs, a single 2x6 bottom plate, two 2x6 topplates and a 2x10 joist. The studs are spaced at 16 in. on centerand sheathed...
In your reflection journal please list your order - 'most efficient' mediums at the top, 'least efficient' at the bottom. (for eg. social media, display ads, etc)Then, in five hundred words or more,...
Energy prices and global warming are discussed daily in the news as environmental impact of e-waste is just beginning to be recognized. Sustainability and corporate social responsibility need to be...
3. A Channel section is connected to a 10mm gusset plate with 20mm- diameter bolts as shown in the figure. The connecting member is subjected to dead load and live load only. The pitch distance,...
What is meant by the concept of constructive receipt?
Draw a Feynman diagram for the reaction n + v p + .
Linda is the managing partner of Osuji and Associates, a small audit firm. Linda's role includes managing the business affairs of the firm, and she is very worried about the amount of fees...
Theobald Ltd. has an internal audit department that primarily focuses on audits of the efficiency and effectiveness of its production departments. The other main role of the internal audit department...
Theobald Ltd. has an internal audit department that primarily focuses on audits of the efficiency and effectiveness of its production departments. The other main role of the internal audit department...
On January 1, 2018, Brooks Corporation exchanged $1,259,000 fair-value consideration for all of the outstanding voting stock of Chandler, Inc. At the acquisition date, Chandler had a book value equal...
1. Determine the value of the right to use asset and lease liability at commencement of the lease.
Problem 22-1 The management of Sunland Instrument Company had concluded, with the concurrence of its independent auditors, that results of operations would be more fairly presented if Sunland changed...

An external confirmation sent to a customer: a. provides strong evidence for the accuracy, valuation, and allocation

Question:

Step by Step Answer:

An external confirmation sent to a customer primarily serves to provide evidence f...View the full answer

Auditing A Practical Approach

Students also viewed these Business questions