Description
Gain a better understanding of audit confirmation best practices and reallife examples from an accounting and finance perspective.This information will help you use confirmations more efficiently and effectively, including avoiding common issues that can result in peer review and enforcement findings. Efficiency is enhanced by evaluating whether confirmations are necessary, evaluating the necessary sample size, and how the confirmations should be transmitted. Confirming other information when appropriate and validating recipients and responses can improve confirmation effectiveness.
Date: 2020-01-24 Start Time: End Time:
Learning Objectives
Continued Importance of Confirmations
• Enforcement Findings Related to Cash and Receivable Confirmations
• Increased Need for Direct Third-Party Evidence to Validate Electronic Source Information
• New Ways to Transmit and Receive Confirmation
Bank Confirmations
• How to Determine Whether Bank Confirmations Are Necessary
• How to Send Electronic Bank Confirmations
Sending Receivables Confirmations
• Identify When Confirmations Are Not Appropriate
• How to Determine the Type(s) of Confirmations to Send
• How to Determine the Number of Confirmations to Send
• Evaluating Individually Significant Accounts and Whether Stratification Is Necessary
• Addressing Client Requests Not to Send Selected Confirmations
• Evaluate the Need to Confirm Special Terms and Other Information
• Maintaining Control and Validating Recipients
Evaluating Confirmation Responses
• Determining When Alternative Procedures Are Not Necessary
• Evaluating Whether a Confirmation May Need Additional Validation
• Extrapolating Results
Accounts Payable and Other Types of Confirmations
CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Randal J. Elder-The Bryan School – UNCG
