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Describe the two types of accounts receivable

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Question - Your audit firm is engaged to examine the financial statements of a manufacturing company with a significant amount of trade accounts receivable. As an audit manager, you are planning to use accounts receivable confirmation requests to verify trade accounts receivable even though the accounts are properly prepared in accordance with applicable accounting standards.

Required -

(i) Describe the TWO (2) types of accounts receivable confirmation requests and indicate the factors you will consider in determining when to use each.

(ii) Assuming the internal controls for accounts receivable are satisfactory, design any FOUR (4) confirmation procedures for the accounts receivable balance.

Reference no: EM132960155

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