Third party confirmations, in most cases, yield reliable evidence in support of the existence assertion. However, the quality of such evidence is largely dependent upon the nature of the relationship between the client and the third party providing the confirmation.
a) Design an audit program to address the confirmation to address this issue.
b) Design an audit program to test ZZZZ Best Company’s insurance restoration revenues.
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In chemistry, an element is a pure substance which cannot be broken down by chemical means, consisting of atoms which have identical numbers of protons in their atomic nuclei. The number of protons in the nucleus is the defining property of an element, and is referred to as the atomic number.
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The authors discuss the advantage of using a third-party for confirmations to increase reliability by stating, "The reliability of third-party evidence (e.g., bank statements) is enhanced when it is obtained from a knowledgeable, but unbiased, respondent who is outside the company under audit.
Bank confirmation is the audit procedure that perform by auditor to test the existence, accuracy and the ownership of banks account and bank balance of entity. This procedure is normally performed during the interim audit rather than at the completion stage.
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