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The negative form of accounts receivable confirmation request is particularly useful except when a. Individual account balances are relatively large b. Internal control surrounding accounts receivable is considered to be effective c. A large number of small balances are involved d. The auditor has reason to believe the persons receiving the request are likely to give them consideration

The negative form of accounts receivable confirmation request is particularly useful except when a. Individual account balances are relatively large b. Internal control surrounding accounts receivable is considered to be effective c. A large number of small balances are involved d. The auditor has reason to believe the persons receiving the request are likely to give them consideration

Auditing: A Risk Based-Approach (MindTap Course List)
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments
Section: Chapter Questions
Problem 26RQSC
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1. The negative form of accounts receivable confirmation request is particularly useful except when

a. Individual account balances are relatively large

b. Internal control surrounding accounts receivable is considered to be effective

c. A large number of small balances are involved

d. The auditor has reason to believe the persons receiving the request are likely to give them consideration

 

2. The starting point for the verification of the balance in the general ledger account is to obtain

a. A bank reconciliation from the client

b. The client’s cash account from the general ledger

c. A cutoff bank statement directly from the bank

d. The client’s year-end bank statement

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