Discuss and explain the purpose of sending a bank confirmation with assertions. Why bank confirmation is preferred

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

Question:

Discuss and explain the purpose of sending a bank confirmation with assertions. Why bank confirmation is preferred audit evidence when compared with bank statements?

Related Book For answer-question

Auditing a business risk appraoch

ISBN: 978-0324375589

6th Edition

Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston

See More Books

Posted Date: May 03, 2024 03:42 AM

See More Questions

CANMNMM January of this year. (a) Each item will be held in a record. Describe all the data structures that must refer to these records to implement the required functionality. Describe all the...
Explain the purpose of the following audit procedures: a. Sending a bank confirmation to all the banks with which the client does business b. Obtaining a bank cutoff statement c. Preparing a bank...
Scenario: As of October 31, 2023, you are a member of your firm's audit team responsible for reviewing the financial statements of Karke Dikhaao Limited (Karke) for the fiscal year ending on...
Davis Company opened a Web page design business on January 1 of the current year. The following information relates to Davis Companys operations during the current year: 1. On February 1, Davis...
When can a research project be deemed researchable?
Stainless Company operates as three autonomous divisions. Each division has a general manager in charge of product development, production, and distribution. Management recently adopted total quality...
Discuss some of the major developments in selling and sales management and the implications of these for the process of key account management.
Review the comprehensive annual nancial report (CAFR) you obtained. 1. Does the government maintain any permanent funds? If so, are they major or non-major funds and for what purposes? 2. Does the...
A set of gauge blocks starts at 0.1 inch and is available in 0.0001 inch increments up to 0.1010 inches. The same set also has blocks from 0.101 up to 0.110 in 0.001 inch increments, and from 0.110...
How effective are social movements in bringing about social change? Can you name at least three movements that have attempted to influence public opinion or public policy?
Sam became angry with Ted when he was not satisfied with the guitar that he bought from Ted, who is in the business of making and selling guitars. There was really nothing wrong with the guitar, but...
Suppose you work for a technology company, and you are considering two independent phone projects, with the following cash flows. The required return for both is 8 percent. (1 ) Calculate both NPVs...
Asset (A) E(RA)=12% (A)=6% Asset (B) E(RB)=18% (GB) = 16% WA = 60% WB = 40% COVA,B = 0.00672 What is the expected return of a portfolio of two risky assets if the expected return E(Ri), standard...
Robert has twins and anticipates a minimum need of $146,000 for college education funds in 15 years when his kids start college. How much money should Robert put in an account today? Assume that the...
Vehicles begin to arrive at a toll booth at 850 am with an arrival rate of x(t) = 4.1 + .01t (with t in min and x(t) in veh /min.) The toll booth opens at 9am and processes vehicles at a rate of 12...
What is the present value of an ordinary annuity of $1,000 per year for 7 years discounted back to the present at 10 percent? What would be the present value if it were an annuity due?
The production budget of Artest Company calls for 80,000 units to be produced. If it takes 30 minutes to make one unit and the direct labor rate is $16 per hour, what is the total budgeted direct...
What part should the sales function play when drawing up a detailed 12 months operational marketing plan for EMA?
Suggest a general outline marketing planning strategy for 12 months ahead for Graham Keddie.
Explain the differences between marketing strategies and sales strategies.

Discuss and explain the purpose of sending a bank confirmation with assertions. Why bank confirmation is preferred

Question:

Expert Answer:

Sending a bank confirmation with assertions serves as a robust method for auditors to verify the acc... View the full answer

Auditing a business risk appraoch

Students also viewed these accounting questions