Why are confirmations considered more reliable audit evidence?

Question:

Why are confirmations considered more “reliable” audit evidence?

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

Step by Step Answer:

Related Book For book-img-for-question

Auditing and Assurance Services Understanding the Integrated Audit

ISBN: 978-0471726340

1st edition

Authors: Karen L. Hooks

See More Books

Question Posted: Oct 07, 2015 02:52 AM

See More Questions

What other audit tests are used in conjunction with confirmation of accounts receivable?
Why are sales returns and allowance activity and balance important when auditing retail entities?
Why is an adverse opinion issued for ICFR?
What is meant by a throwaway prototype?
For each case in the previous exercise, a. Indicate whether each variable is quantitative or categorical. b. Describe the type of graph that could best be used to portray the results.
Define the rules that will cause the switch between main contexts and subcontexts in the aforementioned context hierarchy.
The following questions are based on Costner Company, which manufactures products X, Y, and Z from a joint process. Joint-process costs were $80,000. Additional information is provided: If Processed...
In the current year, Madison Corporation had $50,000 of taxable income at a tax rate of 25%. During the year, Madison began offering warranties on its products and has a warranty liability for...
Check my work m. Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: 5 points Sales Beginning merchandise inventory Purchases Ending merchandise...
Suppose we have 20 singleton sets, numbered 0 through 19, and we call the operation union(find(i),find(i + 5)), for i = 0, 1, 2,..., 14. Draw a picture of a list-based representation of the sets that...
Why is effective ICFR required for reliable analytical procedures?
About which assertion(s) does a response to positive account receivable confirmation provide audit evidence?
Evaluate the integral. t sin t cos t dt
Go to: https://www.instagram.com/ryderseyewear/ on your desktop, laptop, or mobile (or a combination of all 3). You are the new Social Media Marketing Manager for Ryders Eyewear. You've been asked...
As leaders, it is very important that we have the ability to assess our own motivation and the motivation of others around us. It is also important to recognize the key factors involved in...
At the end of this exam, you will find Article 1 - " How Companies Can Prepare for a Long Run of High Inflation ". Please read the article and, when necessary, consult additional sources and the...
You can develop your capabilities as a manger by better understanding different ways of motivating and rewarding employees. You can also better prepare for your own career by better understanding the...
Topic: Project Malasakit of Kara David https://projectmalasakit.org/ What is the pros and cons of these alternative courses of the action below: Strengthen the internal organization via promoting it...
Determine the steady-state response of the system governed by the following difference equation: \[12 y(n)-7 y(n-1)+y(n-2)=\sin \left(\frac{\pi}{3} n ight) u(n) \text {. }\]
Fill in each blank so that the resulting statement is true. A solution to a system of linear equations in two variables is an ordered pair that__________ .
Fraud auditors are likely to use a. CATS. b. CAATS. c. CASTS. d. None of the above.
How should an audit team assess the reasonableness of a film studios estimate of film revenues? (Refer to the No Treasure in This Treasure Planet case.)
How should an audit team assess the reasonableness of a film studios estimate of film revenues? (Refer to the No Treasure in This Treasure Planet case.)
Which of the following approaches is most suitable for auditing the finance and investment cycle? a. Perform extensive tests of controls and limit substantive procedures to analytical procedures. b....
If the auditor believes that the financial statements prepared on the basis of the entity's income tax are not adequately titled, the auditor should : A)Issue a resignation of opinion. B)Explain the...
initial stock offering to the public. This REIT specializes in the acquisition and management of warehouses. Your firm, Blue Street Advisors, is an investment management company that is considering...
Question 3 You have been hired to run a pension fund for Mackay Inc, a small manufacturing firm. The firm currently has Gh5 million in the fund and expects to have cash inflows of $2 million a year...

Why are confirmations considered more reliable audit evidence?

Question:

Step by Step Answer:

Auditors gather information related to different aspects of ...View the full answer

Auditing and Assurance Services Understanding the Integrated Audit

Students also viewed these Auditing questions