Which of the following is a correct statement regarding confirmations?
A) Confirmations can be in oral or written form.
B) Electronic confirmations are not acceptable under generally accepted auditing standards.
C) Confirmations are generally used in the audit of fixed asset additions.
D) Auditors consider alternative evidence available when determining if confirmations should be used.

Question

Quizplus · Accepted Answer

Auditors consider alternative evidence available when determining if confirmations should be used. Confirmations can be in oral or written form, and electronic confirmations are acceptable under generally accepted auditing standards. Confirmations are not specific to the audit of fixed asset additions, but are commonly used for accounts receivable and accounts payable.

Which of the Following Is a Correct Statement Regarding Confirmations