Description
- According to the text, to minimize the risk of material misstatement, auditors seek third- party verification of account balances by mailing customers their statements. Discuss the advantages of positive and negative confirmations, and ascertain whether or not email and oral confirmations are acceptable to increase customer response rates. Support your position.
- Discuss the difference between substantive test of transactions and substantive test of balances, and identify at least two (2) situations when an auditor should test account balances. Support your rationale with related examples of such circumstances.
References included
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.
Explanation & Answer
Attached.
Name
Course
Institution
Date
1st discussion
The verification of accounts balance by the third parties is a vital exercise as it provides a legal
trail of the accounts as well as allow both the customers and vendors the opportunity to verify all
the transactions that have been carried out. The confirmation of emails is one of the ethical
practices in and it is also economically friendly. Each person who takes part in the transactions
including customers, companies as well as vendors can maintain different digital records of the
account statements...
Review
Review
Anonymous
Great content here. Definitely a returning customer.
Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4
Similar Content
ACCT 301 SEU Non Routine Decision Questions
College of Administrative and Financial Sciences
Assignment 2
Deadline: 21/03/2020 @ 23:59
Course Name: Cost accounting
...
AOU Balance Sheet & Income Statement for Bank of Canada Analysis
Question 3 (The answer must include the equation
and the solution method)
Allocated Mark = 6 marks
Below are the balance...
College of Mount Saint Vincent Applied Marketing Cottle-Taylor Case Study
The specifice requirements is under the Word document. Please read case carefully and answer 6 questions, please write 400...
MBA2002 SU Self Ssabotage Discussion
Question 1There is an old saying that goes, “The only sure things in life are death and taxes.” In today’s world, ho...
CPP Management Questions
CAL POLY POMONA
College of Business Administration
BUS 4950 Strategic Management
Fall 2022
DR. SEAN D. JASSO
EXAM 1
Below ...
Orange Coast College Proctor & Gamble Company Financial Statement Analysis
This assignment is intended to improve your skills in finding, reading, reviewing, and
understanding the financial stateme...
Decision Making
The critical and creative thought is based on facts The decision to join higher learning education was a The choice of the...
Quality management class lectures_59688820-Case-Study-Applying-Cost-of-Quality-to-Total-Quality-Management
uploads/services/161584/Quality management class lectures_59688820-Case-Study-Applying-Cost-of-Quality-to-Total-Quality-Ma...
Cost Management Class Notes_149851102-Labor-Law-1-Class-and-Integration-Notes
uploads/services/161584/Cost Management Class Notes_149851102-Labor-Law-1-Class-and-Integration-Notes.pdf...
