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10 Cards in this Set

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  • Back
Accounts receivable balance-related audit objective
the eight specific audit objectives used by the auditor to decide the appropriate audit evidence for accounts receivable.
Aged trial balance
a listing of the balances in the accounts receivable master file at the balance sheet date broken down according to the amount of time passed between the date of sale and the balance sheet date.
Alternative procedures
the follow-up of a positive confirmation not returned by the debtor with the use of documentation evidence to determine whether the recorded receivable exists.
Blank confirmation letter
a letter, addressed to the debtor, requesting the recipient to fill in the amount of the accounts receivable balance; it is considered a positive confirmation.
Cutoff misstatements
misstatements that take place as a result of current period transactions being recordered in a subsequent period, or subsequent period transactions being recorded in the current year.
Invoice confirmation
a type of positive confirmation in which an individual invoice is confirmed, rather than the customer’s entire accounts receivable balance.
Negative confirmation
a letter, addressed to the debtor, requesting a response only if the recipient disagrees with the amount of the stated account balance.
Positive confirmation
a letter, addressed to the debtor, requesting that the recipient indicate directly on the letter whether the stated account balance is correct or incorrect and, if incorrect, by what amount.
Realizable value of accounts receivable
the amount of the outstanding balances in accounts receivable that will ultimately be collected.
Timing difference
a reported difference ina confirmation from a debtor that is determined to be a timing difference between the client’s and debtor’s records and therefore not a misstatement.