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PROCESS OF CONFIRMATION : (PROCESS (6) SAMPLE (NEGATIVE BALANCE, NILL…
PROCESS OF CONFIRMATION :
PROCESS
4) CONFIRMATION IS TO AUDITOR ADDRESS
5) TYPES
POSITIVE
ALWAYS REPLY WHETHER BALANCE MATCH OR NOT
E.G. AMOUNT STATED 10,000
OR
AMOUNT REQUESTED.........
NEGATIVE
ONLY REPLY WHEN YOU DISAGREE , NO ANSWER IS CONSIDERED AS CORRECT
8) REPLIES UNRECEIVED
RESEND LETTER AFTER ADDRESS VERIFICATION'
APPLY ALTERNATIVE PROCEDURES
PHONE CALLS
3) CONFIRMATION IS ALWAYS DONE FROM AUDITORS
7) REPLIES
AGREED
NOT AGREED
AFTER RECONCILIATION
(STILL NOT AGREED)
APPLY ALTERNATIVE PROCEDURES
2) CONFIRMATION IS ALWAYS DONE BY CLIENT MANDATE (PERMISSION)
1) SELECT/EXTRACT DATA FROM LEDGERS (IF NEEDED)
6) SAMPLE
NEGATIVE BALANCE
NILL BALANCE
MATERIAL BALANCE
OLD OUTSTANDING BALANCE
BALANCES CLEARED NEAR YEAR END
BALANCES / TRANSACTIONS OF UNUSUAL AMOUNT/ PARTIES / NATURE