In a scenario where the auditor must perform Accounts Receivable audit procedures, why would confirmations be considered one of the most reliable forms of evidence the auditor can use? In contrast, why would inspecting sales invoices be considered a last-resort procedure? Also, is Inquiry a reliable and useful source of evidence?

Briefly explain the difference between vouching and tracing.

Briefly explain how the 'Completeness' and 'Existence/Occurrence ' assertions are perfect opposites as it pertains to considering risk of material misstatement.

Answer rating: 100% (QA)

a Confirmations are considered one of the most reliable forms of evidence in an Accounts Receivable audit because they directly verify the existence a... View the full answer