Discussion Week 9 Confirmation letters

“Confirmation Letters”: Discuss the inherent audit risk with the use of account receivable confirmation letters and how this risk can be minimized by the auditing firm.

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Inherit audit risk is the risk that material misstatements in the account balance before considering the effectiveness of internal control. Confirmation letters are letters the auditor sends out to customers to confirm the balance on their account. Confirmation letters are sent out to customers unless the customer has a zero balance (those customers are least likely to response). Whenever customers do not respond to the letters the auditors will investigate into whether the goods were shipped and cash receipts for the payment of the goods were receive. There are three reasons why confirmation may not be done for an account receivable; which are the account receivable are immaterial, the auditor consider confirmation ineffective evidence because response rate will

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