GS_016_Bank_Confirmation_Requests_23-Jun-10

GS_016_Bank_Confirmation_Requests_23-Jun-10 - GS 016 (June...

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GS 016 (June 2010) Guidance Statement GS 016 Bank Confirmation Requests Issued by the Auditing and Assurance Standards Board
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GS 016 - 2 - GUIDANCE STATEMENT Obtaining a Copy of this Guidance Statement This Guidance Statement is available on the Auditing and Assurance Standards Board (AUASB) website: www.auasb.gov.au Contact Details Auditing and Assurance Standards Board Level 7 600 Bourke Street Melbourne Victoria 3000 AUSTRALIA Phone: (03) 8080 7400 Fax: (03) 8080 7450 E-mail: [email protected] Postal Address: PO Box 204 Collins Street West Melbourne Victoria 8007 AUSTRALIA COPYRIGHT © 2010 Auditing and Assurance Standards Board (AUASB). The text, graphics and layout of this Guidance Statement are protected by Australian copyright law and the comparable law of other countries. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to the Executive Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne Victoria 8007. Otherwise, no part of the Guidance Statement may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law. ISSN 1833-7600
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Guidance Statement GS 016 Bank Confirmation Requests GS 016 - 3 - GUIDANCE STATEMENT CONTENTS AUTHORITY STATEMENT Paragraphs Application ................................................................................ 1-2 Issuance Date ............................................................................. 3 Introduction ............................................................................... 4-5 Definitions .................................................................................. 6 Bank Confirmations .................................................................. 7-8 The Audit Process and Bank Confirmations .......................... 9-11 Deciding Whether to Request a Bank Confirmation ............. 12-15 Nature of the Evidence Obtained from a Bank Confirmation .......................................................................... 16-21 Remaining Alert to the Possibility of Fraud ........................... 22-25 Bank Confirmation Procedures ............................................... 26-27 Determining the Bank Information to be Confirmed and Selecting the Appropriate Confirming Party (Parties) . ............ 28-29 Designing the Bank Confirmation Request. ................................ 30-33 Pre-completing the Standard Bank Confirmation Request Form 34-35 Submitting the Bank Confirmation Request . .............................. 36-38 Authority to Disclose. ................................................................. 39-42 Guarantees and Other Third Party Securities. ............................. 43 Timing of Bank Confirmation Requests . .................................... 44-45
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This document was uploaded on 10/26/2011 for the course ACCOUTING 210A at American Intl. University.

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GS_016_Bank_Confirmation_Requests_23-Jun-10 - GS 016 (June...

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