1. We were sorry, but we cannot answer your request for confirmation of our accounts as the PDQ company uses an accounts payable voucher system and can only confirm individual invoices.
(A) - Timing difference----- No
(b) Misstatement ---- No
C Procedure ----- No Analyze payments received on this account after the year-end
Accounts Receivable Confirmation:
Accounts receivable confirmation is an audit procedure conducted by external auditors. It attempts to confirm the balances of individual customer accounts directly with the customer in order to satisfy the audit assertion of existence and valuation of the AR asset.
Are accounts receivable confirmations required?
Receivable confirmation are not always required if accounts receivable are immaterial, the use of confirmations would be ineffective or combined inherent risk and control risk are low and analytics or other substantive tests would detect misstatements.
What is positive accounts receivable confirmation?
Positive confirmation requires proof of accuracy by affirming that the original information was correct or by providing the correct information if incorrect. Positive confirmations are used to verify the amounts of liabilities, investments, bank accounts, accounts receivables, and payables.
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