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Act 341

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Answer to the Question no 14-34 (a)

While designing the substantive tests for accounts receivables we need to send confirmation letter to the accounts receivables to assure about the proper balance of accounts receivables and eradicate any chances of misstatement.

When as an auditor we want to tests of details of balances we will send confirmation to some accounts receivables as it is not viable to send confirmation to all the accounts receivables accounts because of time and resource constraints.

When the acceptable level of detection risk is low, an auditor requests confirmation of receivables as of the balance sheet date. Otherwise, the confirmation is sent may be one or two months earlier when he/she does the interim audit. As a first time auditor we hope for the best possible scenario that is planned control risk is low and as a result detection risk is high. So we would send the confirmation letters to some of the account receivables at one/two months earlier than the balance sheet date.

We will send negative confirmation letters to some of the receivables to inquire only the balances. Because we feel it is not needed to know all the details of the transactions of those receivables accounts which would call for a positive confirmation. As the planned detection level of risk is high a negative confirmation will be effective to judge.

Using the formula for determining sample size in PPS sampling we should take a sample of 136 receivables if we assume our reliability factor for the specified risk of incorrect acceptance and expansion factor for anticipated misstatement is 5%. So we should circularized negative confirmation to 75-100 larger accounts receivables.

Answer to the question no 14-34 (b)

In order to determine the adequacy of the allowance for uncollectible accounts, we should first compare the rate of…...

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