Tim Flynn is the engagement manager for the audit of ODonnell Enterprises. Tim is currently planning tests
a. What factors does Tim need to consider in deciding whether to use written confirmation request, email requests, or direct access to electronic records?
b. How will the audit firm ensure the reliability of the responses? For example, how might they verify the email addresses or the reliability of the electronic records? Who should provide the email addresses for the email confirmations, or the website links for direct access to electronic records?
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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