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11 Cards in this Set
- Front
- Back
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negative confirmation
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a confirmation request to which the recipient responds only if the amount or information is wrong
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positive confirmation
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a confirmation request to which the recipient responds whether or not her agrees with the amount stated
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blank positive
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confirmation request where you do not give a number and you ask the customer to provide the amount
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charged with governance
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individuals responsible for oversight of the entities strategic direction and its financial reporting process
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contingent liability
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an existing condition, situation, or set of circumstances involving uncertainty as to possible loss to an entity that will ultimately be resolved when some future event occurs or fails to occur
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legal letter
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letter to corroborate information about litigation, claims, and assessments
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management letter
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letter from auditor to management making recommendations to the client based on observations during the audit; letter include topics relating to organizational structure and efficiency issues
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representation letter
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a letter that corroborates oral representations made to the auditor by management and documents the continues appropriateness of representations
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completeness for A/R ending balances
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obtaining an aged trial balance from subledger is for what assertion
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valuation for A/R ending balances
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can customers pay? examine results of confirmations of selected A/R is what assertion
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existence for A/R ending balances
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confirming of selected A/R (stratification)
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