What conclusions can the auditor make from a negative confirmation?
Answer to relevant QuestionsExplain the difference between positive and negative formats for confirmations and when each format is likely to be used.What audit procedure does the auditor use to examine the valuation of accounts receivable? Specifically, what steps does the auditor perform related to the aged accounts receivable trial balance?What types of transactions and entries are considered unusual year-end entries? Why does the auditor pay particular attention to them?To what individuals does an auditor make communications? For an ICFR audit, briefly explain how the communications required to go to the various individuals differ.How are the auditors’ concerns regarding purchase discounts different from those of management? Why?
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