Business Finance
Accounting 403 Auditing I, oral confirmations, accounting homework help

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Can you help me understand this Accounting question?

Are oral confirmations acceptable?  Why or why not?

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there should be additional requirements even if the auditor accepts oral confirmation.first we have to understand what confirmation is.

Confirmation is the process of obtaining and evaluating a direct communication from a third party in response to a request for information about a particular item affecting financial statement assertions. The following have to be considered—

  • Selecting items for which confirmations are to be requested.
  • Designing the confirmation request.
  • Communicating the confirmation request to the appropriate third party.
  • Obtaining the response from the third party.
  • Evaluating the information, or lack thereof, provided by the third party about the audit objectives, including the reliability of that information.
oral confirmation may or may not be acceptable.they may not be acceptable if documentation for future refference is needed.documentation is the only oficial mode reference and that which is acceptable in many cases.oral confirmation may be accepted if they are just confirming what they had eariel on agreed upon.

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