Audit Accounting

Part III Case Studies (20 Points) Accounts Receivable - Alternative I Case Study Facts: Your audit team is meeting in early September, 2019 to plan the audit of a distributor as of December 31, 2019. The team is about to plan the audit of accounts receivable, a very material amount on the client's balance sheet. The team: Sets Audit Risk as low Assesses Inherent Risk as high Assesses Control Risk as high Derives Detection Risk as low Will not test internal controls Decides to send Positive Accounts Receivable Confirmations Issues: As of what date would you confirm Accounts Receivable? What other procedures would you perform in auditing Accounts Receivable especially as a result of your confirmation date decision above