While performing interim audit procedures of accounts receivable, numerous unexpected errors are found resulting in a change

Question:

While performing interim audit procedures of accounts receivable, numerous unexpected errors are found resulting in a change of risk assessment. Which of the following audit responses would be most appropriate?
a. Move detailed analytical procedures from year end to interim.
b. Send negative accounts receivable confirmations instead of positive accounts receivable confirmations.
c. Increase the dollar threshold of vouching customer invoices.
d. Use more experienced audit team members to perform year-end testing.
Accounts Receivable
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...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Auditing A Risk Based Approach to Conducting a Quality Audit

ISBN: 978-1305080577

10th edition

Authors: Karla Johnstone, Audrey Gramling, Larry E. Rittenberg

Question Posted: