WebQuestion B1. Ans a) Following are the four examples of external confirmations that are frequently used in Auditing process; 1. Confirmation of AR balance with the customers: … WebJan 25, 2024 · EXAMPLES WHERE EXTERNAL CONFIRMATION IS USED? Bank Balance and other information from bankers; Accounts receivable balances; Accounts …

The Confirmation Process - AICPA

WebSelect a sample of receipts and sales and perform tests of controls to ensure that system of internal controls continued to operate effectively. Re-perform cutoff test at year end. … WebThis can be, for example, supplier invoices, external confirmation, agreements, internal management assessment, and so on. The key criterion for Audit Evidence is that it must be sufficient and appropriate. Sufficient refers to quantity while appropriate refers to quality. The auditor typically gathers eight types of Audit Evidence during the ... black cat egyptian statue

ARTICLE ON SA-505 EXTERNAL CONFIRMATIONS - taxconcept.net

WebWe disagree with a new definition of ‘external confirmation’ that changes it from a procedure to a form of audit evidence. We strongly suggest that fundamental ... 1 For example, proposed ISA 620 Using the Work of an Auditor’s Expert. Page 4 The second reason is that the requirement in paragraph 14 will never be WebAn external confirmation represents audit evidence obtained by the auditor as a direct written response to the auditor from a third party (the confirming party), in paper form, or by electronic or another medium. WebISA 505 – External Confirmation covers the confirmation of accounts receivable. Auditors need to confirm accounts receivables balance by directly contacting customers for unpaid receivables balance at the end of the period. This procedure is for large account balances but sometimes includes a few random customers. black cat elephant