Confirmations for cash balances should be mailed only to the financial institutions with which the client has a cash balance at year-end.

Question

Quizplus · Accepted Answer

Confirmations for cash balances should be mailed to all financial institutions with which the client has conducted transactions during the period under audit, not just those holding a balance at year-end, to verify the existence of all accounts and the completeness of recorded transactions.

Confirmations for Cash Balances Should Be Mailed Only to the Financial