Auditors send confirmations to obtain evidence about account receivables (A/R) and account payables (A/P). Answer the following
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Question:
Auditors send confirmations to obtain evidence about account receivables (A/R) and account payables (A/P). Answer the following questions respectively for A/R and A/P confirmations. Questions:
a. Is confirmation a required procedure?
b. Which assertion do each confirmation results most directly address - existence or completeness?
c. Should the confirmation sample selected from the balance at year-end or total transactions during the year?
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