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L4 Notes_Part_5 - Physical examination/confirmation...

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P5: Choosing the Best Audit Procedures C. Confirming a year-end bank balance with the bank versus checking it with the bank statement Confirmation/examination of documents and records Confirmation is stronger evidence since it is obtained directly from an independent third party D. Observing inventory counting procedures versus requesting confirmation of inventory held by an independently-run warehouse
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Unformatted text preview: Physical examination/confirmation Physical examination is first hand information which is superior to that gained from an independent third party. E. Ask about the process for making price changes to the computer system versus observing the process of updating prices Inquiry/observation Observations is more persuasive because it is first hand information....
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L4 Notes_Part_5 - Physical examination/confirmation...

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