Question: Why are confirmations considered more reliable audit evidence?

Why are confirmations considered more “reliable” audit evidence?

Step by Step Solution

★★★★★

3.34 Rating (187 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Auditors gather information related to different aspects of ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

395-B-A-A-A-N (4116).docx

120 KBs Word File

Students Have Also Explored These Related Auditing Questions!

Q:

What other audit tests are used in conjunction with confirmation of accounts receivable?

Q:

Why are sales returns and allowance activity and balance important when auditing retail entities?

Q:

Why is an adverse opinion issued for ICFR?

Q:

APPENDIX A Audit Procedure Checklist - Student Deliverable Date Initial Audit Procedures Go to https://edu.Confirmation.com, the educational platform created by Confirmation.com for the purpose of...

Q:

Simply Soups Inc.: A Teaching Case Designed to Integrate the Electronic Cash Confirmation Process into the Auditing Curriculum ABSTRACT: Simply Soups Inc., a producer of organic canned soups, has...

Q:

APPENDIX A Audit Procedure Checklist - Student Deliverable Date Initial Audit Procedures Go to https://edu.Confirmation.com, the educational platform created by Confirmation.com for the purpose of...

Q:

APPENDIX A Audit Procedure Checklist - Student Deliverable Date Initial Audit Procedures Go to https://edu.Confirmation.com, the educational platform created by Confirmation.com for the purpose of...

Q:

pls high light the answer in red!!! again pls make sure have at least 90% correct, otherwise answer will be...

Q:

Highlight the right answers in colors ,make sure I,ll get more than 95% Question 1 of 45 All of the following statements are true, except: A tendency for fraud may exist when the granting of stock...

Q:

1. Which of the following types of documentary evidence should the auditor consider to be the most reliable? A. A sales invoice issued by the client and supported by a delivery receipt from an...

Q:

Suppose that PX)= 0.68 and PY21X1)=0.52 What is the joint probability of X and Y2? (Round the final answer to 2 decimal places.)

Q:

X = + zs; x = 58.98, = 8.7, s = 2.6 (value of an observation)

Q:

your parents just refinanced their house rocket mortgage will Charge them 8 % apr with payment 2 3 8 9 . 1 3 percent for 1 5 years how muCh is the loan

Q:

The process of determining a cost-effective pay structure is called a. compensation administration b. financial reward package c. human resource management d. human resource inventory

Q:

How should an audit team assess the reasonableness of a film studios estimate of film revenues? (Refer to the No Treasure in This Treasure Planet case.)

Q:

How should an audit team assess the reasonableness of a film studios estimate of film revenues? (Refer to the No Treasure in This Treasure Planet case.)

Q:

Which of the following approaches is most suitable for auditing the finance and investment cycle? a. Perform extensive tests of controls and limit substantive procedures to analytical procedures. b....

Q:

Pick one of the following topic 1) Financial Statement Analysis, 2) Working Capital Management, 3) Time Value of Money, 4) Risk and Reward Tradeoff, 5) Securities Valuation, 6) Capital Budgeting...

Q:

Assume that 12 jurors are randomly selected from a population in which 82% of the people are Mexican- Americans. Refer to the probability distribution table below and find the indicated...

Q:

Back to Assignment Attempts 1 3 Average 2/3 6. The forms and methods of stock market operation In the United States, stock markets support several types of trading activity. Which of the following...