Explain the purpose of sending a bank confirmation

Assignment Help Accounting Basics

Reference no: EM133363236

Questions:

(a) Discuss and explain the purpose of sending a bank confirmation with assertions. Why bank confirmation is preferred audit evidence when compared with bank statements?

(b) What is going concern assumption? Are auditors required to evaluate the likelihood of a client remaining a going concern as a part of each audit? What types of conditions and factors should auditors consider when making this evaluation and how would this affect the audit report?

(c) Discuss what does it mean by a So-called "clean" audit opinion? What are the conditions required? What are other types of audit opinions? Discuss any type with an example. (8 marks)

Reference no: EM133363236

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