During an audit of the purchasing cycle, the auditor may choose to request vendors monthly...
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Accounting
During an audit of the purchasing cycle, the auditor may choose to request vendors monthly statements or send confirmations to major vendors requesting a statement of open account items. The auditor reconciles each vendors statement or confirmation with the clients accounts payable trial balance.
Reflect on whether assertions are tested by accounts payable confirmations. Discuss whether confirmations are used in an audit, and support your response.
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