Question: What objectives are addressed by accounts payable confirmations? What form is used for accounts payable confirmations? Explain why accounts payable confirmations are often not used

What objectives are addressed by accounts payable confirmations? What form is used for accounts payable confirmations? Explain why accounts payable confirmations are often not used on an audit.

Step by Step Solution

★★★★★

3.45 Rating (174 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Accounts payable confirmations are used primarily to address the completeness and valuation assertio... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

222-B-A-A-B-R (548).docx

120 KBs Word File

Students Have Also Explored These Related Auditing Questions!

Haikal and Dania are a married couple in their early 30's. Haikal is a cyber-crime manager and Dania work as an financial forensic manager. Since their married 5 years ago, they have been living...

Why are confirmations considered more reliable audit evidence?

What are some justifications for not using confirmations of accounts receivable on a particular audit?

Please help me to answer question 4 to 15. Thanks Define and explain kiting. Define and explain lapping Describe the difference between cycle testing and substantive testing. Describe in outline form...

8.43 Accounts Payable Confirmations. Partners Clark and Kent, both CPAs, are preparing their audit plan for the audit of accounts payable on Marlboro Corporation's annual audit. Saturday afternoon...

answer 8.49 8-6 8.49 Accounts Payable Confirmations. Partners Clark and Kent, both CPAs, are prepa audit plan for the audit of accounts payable on Marlboro Corporation's annual audit. Sat- urday...

All of the following statements concerning accounts payable confirmations are correct, except: A. Confirmations are typically used to ask the vendor to supply the balance owed by the entity B....

4. All of the following statements concerning accounts payable confirmations are correct, except: A. Confirmations are typically used to ask the vendor to supply the balance owed by the entity B....

Accounts Payable Confirmations. Partners Clark and Kent, both CPAs, are preparing their audit plan for the audit of accounts payable on Marlboro Corporations annual audit. Saturday afternoon they...

Using the substitution and output effects, explain how a decline in the price of resource A might cause an increase in the demand for substitute resource B.

For a health care organization to survive and grow, it requires capital. Effective capital management is vital for the business to function, especially in health care sectors that exist with such...

Beta preferred stock pays an annual dividend of $ 4 . 8 0 a share. How much should you pay to purchase one share if you require a rate of return of 1 5 . 6 percent? Group of answer choices $ 3 1 . 0...

The production manager for Bees Candy Company is trying to decide whether he should purchase cocoa futures to satisfy the firms cocoa requirements for the upcoming six-month period. The average cost...

Automated cash registers can contribute effectively to the control structure of a retail organization. Briefly indicate the control procedures the auditor would expect to find in an automated cash...

What are the major accounts in the revenue cycle? Briefly identify the relationships between them.

Priceline.com is one of the e-tailers (e-commerce retailer) that have grown over the past few years. Priceline.com operates much like an online wholesale travel agent. It allows consumers to bid for...

Use the approximate doubling time formula (rule of 70) for the case described below. Discuss whether the formula is valid for the case described. Gasoline prices are rising at a rate of 0.3% per...

1. Indicate whether the identifiers below are valid or invalid by putting a () for valid and (x) for invalid. Res num Irvigh 2. Fill in the blanks in each of the following. a) Every C program begins...

Hi please use the given information to answer each part of the problem and please include any drawing, or steps/formulas to improve my understanding of the problem if necessary. Thank you! Please do...