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What information is obtained by sending a bank confirmation? Explain the importance of a bank confirmation to the audit of cash balances, including the assertions that are addressed by obtaining a bank confirmation? In the context of auditing inventory, explain why an audit team cannot use the same combination of audit procedures for every audit? How would an auditor test the existence of inventory on hand in a public warehouse?
What information is obtained by sending a bank confirmation? Explain the importance of a bank confirmation to the audit of cash balances, including the assertions that are addressed by obtaining a bank confirmation? In the context of auditing inventory, explain why an audit team cannot use the same combination of audit procedures for every audit? How would an auditor test the existence of inventory on hand in a public warehouse?
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