L14 Notes 15 - 3. How are A/P confirmations different than...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
© W.R. Knechel Audit of Accounts Payable D. Confirmation of A/P 1. When? - internal control is weak - client’s financial position is weak - vendors do not send monthly statements - Learn about goods on consignment or formal financing arrangements 2. Why not generally send confirmations? - external doc. on hand - completeness is the key objective for liabilities
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 3. How are A/P confirmations different than A/R confirmations? -often blank or positive confirmation sent asking that monthly statement be sent directly to CPA -sent to: suppliers with zero or low balances as well as major suppliers, disputed accounts, and a sample of others...
View Full Document

Ask a homework question - tutors are online