Question: Vendors statements and accounts payable confirmations are both forms of
Vendors’ statements and accounts payable confirmations are both forms of documentary evidence created outside the client organization and useful in audit work on accounts payable. Which of these two represents higher-quality evidence? Why?
Answer to relevant QuestionsWhat documentary evidence created outside the client’s organization is particularly important to the auditors in verifying accrued property taxes?What do you consider to be the most important control a corporation can adopt with respect to capital stock transactions?Identify the sections of the standard audit report for a nonpublic company.Provide an example of a situation in which the performance of tests of controls for the internal control audit might affect the performance of substantive procedures in a financial statement audit.Is a written report from the accountant involved for all attestation and other assurance services? Explain.
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