Question 28 1.72 pts You are the manager for the CPA Firm, Webex Associates. You are planning to send the standard confirmation request to all banks and financial institutions with which your client has done business during the year under audit, regardless of the year-end balances. One of the purposes of this procedure is to have the bank confirm to the auditor the cash balance in the bank. Another reason is to: o provide the data necessary to determine if vendor balances in accounts payable are correct O determine that the Chief Financial Officer of the client has a social relationship with the Bank Officer seek information about loan balances, loan agreements and contingent liabilities O detect unrecorded inventories that may otherwise not be discovered