During an audit of the purchasing cycle, the auditor may choose to request vendors' monthly statements or send confirmations to major vendors requesting a statement of open account items. The auditor reconciles each vendor's statement or confirmation with the client's accounts payable trial balance.

 

a. Reflect on whether assertions are tested by accounts payable confirmations?

 

b. Discuss whether confirmations are used in an audit, and support your response?

Answer rating: 100% (QA)

a Assertions that can be tested by accounts payable confirmations include Existence Confirmations pr... View the full answer