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what more effective procedures could be followed when selecting accounts payable for confirmation.

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11-69 LO 8 Paul Mincin, CPA, is the auditor of Raleigh Corporation. Mincin is considering the… 1 answer below » 11-69     LO 8 Paul Mincin, CPA, is the auditor of Raleigh Corporation. Mincin is considering the audit work to be performed in the accounts payable area for the current-year engagement. The prior-year documentation shows that confirmation requests    were mailed to 100 of Raleigh’s 1,000 suppliers. The selected suppliers were based on Mincin’s sample  that  was  designed  to select accounts with  large  dollar  balances.  Mincin  and  Raleigh  staff spent a substantial number of hours resolving View complete question » 11-69     LO 8 Paul Mincin, CPA, is the auditor of Raleigh Corporation. Mincin is considering the audit work to be performed in the accounts payable area for the current-year engagement. The prior-year documentation shows that confirmation requests    were mailed to 100 of Raleigh’s 1,000 suppliers. The selected suppliers were based on Mincin’s sample  that  was  designed  to select accounts with  large  dollar  balances.  Mincin  and  Raleigh  staff spent a substantial number of hours resolving relatively minor differences between the confirmation replies and Raleigh’s accounting records. Alternative audit procedures were used for those suppliers who did not respond to the confirmation requests. a.       Identify the accounts payable management assertions that Min- cin must consider in determining the audit procedures to be followed. b.       Identify situations in which Mincin should use accounts pay- able confirmations, and discuss whether he is required to use them. c.       Discuss why using large dollar balances as the basis for select- ing accounts payable for confirmation might not be the most effective approach and indicate what more effective procedures could be followed when selecting accounts payable for confirmation. View less » Nov 30 2015 05:13 PM


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