Requirements for confirmation of accounts receivable

Assignment Help Financial Management

Reference no: EM132018985

(1) Auditors send bank confirmations for most active bank accounts. Are bank confirmations required under AICPA or PCAOB auditing standards? How does this compare to the requirements for confirmation of accounts receivable?

(2) Bank confirmations are often sent eletronically using a third-party intermediary. The auditor transmits the request to the intermediary, which then transmits the request to the bank. What are the advantages of using third-party to send confirmations electronically?

Reference no: EM132018985

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