Which of the following statements is correct?
A) Auditors must obtain bank confirmations for audits of nonpublic entities.
B) Auditors are required to obtain bank confirmations under international auditing standards.
C) Auditing standards do not address specific requirements regarding bank confirmations.
D) Auditing standards do not require bank confirmations.

Question

Quizplus · Accepted Answer

While obtaining bank confirmations may be a common practice in auditing, auditing standards do not specifically require them. Instead, auditors are expected to obtain sufficient and appropriate audit evidence to support their opinion on the financial statements. The decision to obtain bank confirmations is left to the professional judgment of the auditor.

Which of the Following Statements Is Correct