An Auditor Ordinarily Should Send a Standard Confirmation Request to All

question 50

Multiple Choice

An auditor ordinarily should send a standard confirmation request to all banks with which the entity has done business during the year under audit, regardless of the year-end balance, because this procedure:

• A)provides for confirmation regarding compensating balance arrangements.
• B)detects kiting activities that may not otherwise be discovered.
• C)seeks information about indebtedness to the bank.
• D)verifies securities held by the bank in safekeeping.

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Definitions:

Economic Self-interest

The motivation to act in a way that results in the greatest personal benefit or profit.

Economic Behavior

The study of how individuals make decisions to allocate resources under conditions of scarcity.

Selfishness

A trait characterized by concern with one's own interests, often disregarding others' well-being or desires.

Utility

The satisfaction or benefit that a consumer receives from consuming a good or service.