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

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© 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
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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...
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