Auditing Standards Require the Confirmation of Accounts Receivable in Normal

question 20

Essay

Auditing standards require the confirmation of accounts receivable in normal circumstances. What are the three exceptions to this requirement?

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Definitions:

Optional Step

A step in a process or procedure that is not required to be completed but may be performed based on individual preference or circumstances.

Worksheet

A worksheet is an informal document used by accountants for organizing and adjusting financial information before preparing financial statements.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns to check the accuracy of the accounts.

Annual Accounting Period

A 12-month period over which a company reports its financial performance, often aligned with the calendar year or fiscal year.