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Confirmations that are sent to select customers asking them to review the current balance due the client as shown on the client's statement and return the letters directly to the auditor indicating whether
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Confirmations that are sent to select customers asking them to review the current balance due the client as shown on the client's statement and return the letters directly to the auditor indicating whether they agree with the indicated balance, are known by which of the following terms?

A. Direct confirmations.
B. Indirect confirmations.
C. Positive confirmations.
D. Negative confirmations.

User Batuta
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Answer:

The correct answer is letter "C": Positive confirmations.

Step-by-step explanation:

Positive confirmations are audit procedures by which ambiguous information is clarified. It also implies the confirmation of the accuracy of the data provided in the company's books and Financial Statements. By doing so, liabilities, bank accounts, accounts receivables and payables amounts are verified.

User Alexbt
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