Reference no: EM132788544

Question 1- Describe the differences by design between positive and negative confirmations. What are the advantages and disadvantages of each type?

Question 2- Based on your experience evaluating account receivable confirmations for the Buds' Big Blue Manufacturing, briefly describe three real-life situations where a confirmation apparently does not provide sufficient, appropriate audit evidence. For each situation, recommend additional procedures that should be performed before concluding that the confirmation provides evidence supporting the client's account balance.

Question 3- Briefly describe the three important procedures that are important to the audit of cash in the bank.

Question 4- Based on your experience evaluating cash balances for the Wally's Billboard & Sign Supply, briefly describe three real-life situations that require additional audit investigation during the substantive testing of a client's cash balances.