0
Letter contains management's authorisation to disclose the necessary information
Auditors examine evidencecavialable to support management explanations
Letters are snet by thethe auditor and customenrs are requested to repky directly to the auditor
The auditor selects the items for which they will request confirmation. If your organization has a valid reason to object to any of these selections, discuss this with your auditor before the confirmation process continues.
The auditor designs the confirmation requests and tailors them to specific audit objectives. The auditor will consider the type of request, prior experience, the nature of the information being confirmed, and the intended respondent of the confirmation letter.
The auditor communicates the confirmation request to the third party by sending out the audit confirmation letter. There are two types of confirmation letters: positive requests (asking the third party if they agree or disagree with the stated information, or to fill in the blanks) and negative requests (where the third party only has to reply if they disagree with the stated information).
The auditor obtains the response (if any) from the third party. If the third party fails to respond or responds with conflicting information, the auditor may ask your staff for clarification or pursue alternative confirmation procedures.
The auditor evaluates the information they received, including the reliability of that information and how it relates to the organization’s finances.
In general, audit evidence is most reliable when it is obtained from independent parties outside of the organization. That’s why audit confirmation letters are such a critical part of the audit process. If you have any questions or concerns regarding the audit confirmations, don’t hesitate to reach out to your audit firm.
Newer Post
How to Create a Cash Flow Projection
Older Post
From The Archives: What Is The Difference Between an Audit and a Review?
altruic-logo-1300x.png
Search
BLOG ARCHIVE
2021
2020
2019
2018
2017
2016
2015
2014
RECENT POSTS
SECOND ROUND OF PPP FUNDING - SBA APPLICATION RELEASED
Jan 19, 2021
ALL YOUR ACCOUNTANT WANTS FOR THE HOLIDAYS IS...
Dec 18, 2020
HOW TO COMMUNICATE WITH AN OUTSOURCED ACCOUNTANT
Dec 2, 2020
TESTING CONTROLS DURING A NONPROFIT AUDIT
Nov 11, 2020
FROM THE ARCHIVES: DIFFERENCES BETWEEN NONPROFIT AND FOR-PROFIT ACCOUNTING
Nov 6, 2020
BACK TO TOP
TOLL FREE 1-888-298-5297
ADMINISTRATIVE HEADQUARTERS: 4088 WASHTENAW AVE, ANN ARBOR, MI 48108
CLIENT PORTAL
CLIENT RESO
Magali Rodriguez
Add your answer:
Earn +20 pts
What is the bank key for DBS Bank?
DBS Bank is a financial institution which is located in Singapore. The bank was founded in 1968 but the bank key is not listed.
When was Key Bank Center created?
Key Bank Center was created in 1911.
What is the ticker symbol for Key Bank?
Key Bank trades under the ticker symbol KEY on the New York Stock Exchange.
When did Key Bank first start online banking?
Key Bank was founded in 1825, and since then has undergone many historical changes. During the recession, Key Bank was one of the banks which still held promise. After a few mergers and transitions, Key Bank began offering online services in 2007.
Does Key bank do Medallion signature guarantee?
I have just had a Medallion Signature Guarantee at my Key Bank branch in Stone Ridge NY - so I guess this means, yes Key Bank does provide the Medallion signature guarentee.
You have lost your bank locker key how to write letter to bank to get new key?
Telephone or call in at your bank and ask them to explain their procedure for arranging to issue a replacement key; a signed letter will probably be one necessary step, and the bank will tell you how to word it.
Describe five key characteristics of tourism?
discribe five key characteristics of tourism
What is the bank key for DBS Bank?
DBS Bank is a financial institution which is located in Singapore. The bank was founded in 1968 but the bank key is not listed.
Where are key bank locations in Los Angeles?
According to the Key Bank website, there are no Key Bank branches within 25 miles of Los Angeles. There are also no Key Bank ATMs within Los Angeles .
When was Key Bank Center created?
Key Bank Center was created in 1911.
What are the key characteristics of poetry?
The main four and key characteristics of poetry are the introduction, extra ordinary word, rhythm and maker and last the parallelism.
What is the ticker symbol for Key Bank?
Key Bank trades under the ticker symbol KEY on the New York Stock Exchange.
What is a bank control key number?
bank alaska
What are the key characteristics of the Waverly Hills?
It depends on which Waverly hills you are referring to. The key characteristics of Waverly Hills in Cape Town are: vineyards and forests. The key characteristics of Waverly Hills in Kentucky are ghost walking tours and the haunted sanatorium.
How do you get the key for in the cellar in the bank on RuneScape?
There isn't a key for it unfortunately.
When did Key Bank first start online banking?
Key Bank was founded in 1825, and since then has undergone many historical changes. During the recession, Key Bank was one of the banks which still held promise. After a few mergers and transitions, Key Bank began offering online services in 2007.
What are Francis Scott key characteristics?
his personal characteristics are he is fat an he smells really bad
