Tag (SQ): Bank Confirmation

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  • 1 Marks

AA – L2 – SA – Q3.7 – Evidence Reliability

Most reliable type of audit evidence.

Which one of the following types of evidence is the most reliable?
A   The client’s sales invoices
B   Report obtained from a client’s bank confirming balances
C   The written representation letter
D   Confirmation during a telephone call with the Managing Director that there are no loans outstanding

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  • 10 Marks

AA – L2 – Q59 – Audit Evidence

Describe four matters in a bank confirmation letter and explain their importance to the auditor.

(a) Describe four matters which would be included in a bank confirmation letter and explain why they are important to the auditor.

(b) State the audit evidence you would seek in respect of the following:
(i) Cash at bank and bank loan.
(ii) Cash (comprised of floats, unbanked cash and travellers’ cheques).

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