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Question - You are the auditor of Maple Bank for the year 2010. Maple has a large number of customers with consumer loan accounts. The loan accounts have balances averaging $800 in a homogeneous population and the customers usually pay close attention to their balances. Your preliminary assessment of internal control over the loan area is that control risk is low and results of tests of controls support that assessment. Inherent risk is deemed to be lower as well.
Required -
A. Discuss the confirmation process and the types of confirmations that may be used for the audit of Maple Bank.
B. Explain the confirmation types that can be used for Maple to substantiate assertions relating to the loan receivables.
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