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What alternative procedures should be applied to accounts that do not return confirmations?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter3: The General Journal And The General Ledger

Section: Chapter Questions

Problem 5QY

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How to ensure that overstatement as well as misstatements of account balances due to redundancy and out-of-date of information flows are identified and terminated?
Why are the confirmation of payables is not a required audit procedure as it is with receivables?
What are outstanding checks? Note: No plagiarism please.
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True or false, the individual posting account balance right offs should be given complete authority to do so without superior approval
What is tolerable misstatement? How do auditors use it when deciding whether account balancesare fairly recorded?
When an audit team does not receive a response on a positive accounts receivable confirmation, auditors should do all of the following excepta. Send a second request.b. Do nothing for immaterial balances.c. Examine shipping documents.d. Examine client correspondence files.