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Chapter Thirteen – Audit Confirmati
Chapter Thirteen – Audit Confirmations
Summary
This Chapter describes the confirmation process in an audit.
Overview
13.01 Confirmation is a procedure used to obtain audit evidence from third parties. The confirmation process includes obtaining and evaluating audit evidence though a representation of information or an existing condition directly from a third party in response to a request for information about a particular item affecting financial statement assertions. Because confirmations are ordinarily obtained in writing and directly from sources outside the audited entity, they are highly persuasive as audit evidence.
Types of Confirmations
13.02 In addition to obtaining information about accounts receivable balances, confirmations can be used to obtain information about:
• litigation, claims and assessments
• bank balances and other information from bankers
• notes receivable
• inventory
• consigned inventory
• investment securities
• property title deeds held by lawyers of financiers for safe custody or as security
• market values
• life insurance policies
• insurance arrangements
• deposits
• accounts payable
• debt arrangements
• pension and actuarial information
• actual and contingent liabilities
• the absence of certain conditions, such as side agreements.
13.03 In deciding whether to obtain confirmations as audit evidence, the audit team must consider the entity and its environment, the ability and willingness of third parties to respond to the request and prior year experience. Because confirmations can be costly to obtain, they are not used in every applicable situation. Instead, the audit team may look to other audit procedures that will provide sufficient audit evidence at a lower cost.
13.04 Information from prior audits, such as response rates and inaccurate information on returned confirmations, may be considered in determining the effectiveness and efficiency of using confirmation procedures. For example, the audit team may consider obtaining audit evidence from other sources if the response rates to properly designed confirmation requests were poor in prior audits.
Relationship of Confirmation Procedures to Risk Assessment
13.05 In Horizon, confirmation procedures are suggested in every audit. The audit team's risk assessment procedures determine the extent that confirmations are used to obtain evidence about an assertion. Because confirmation provides strong, direct third-party evidence, more extensive confirmation procedures are likely to be used in addition to (or instead of) tests directed to internal documents or inquiries as the combined risk assessments increase (e.g., confirmation procedures will more likely be used in a critical assertion than a not critical assertion).
Assertions Addressed by Confirmations
13.06 Although properly designed confirmations may address any one or all of the financial statement assertions, the information obtained may not be equally relevant or reliable for all assertions. For example, it may be more effective to use accounts receivable confirmations for the existence-occurrence assertion than for the valuation net assertion, where it is impractical to ask the customer to provide information regarding their ability to repay the amount due.
The Confirmation Process
13.07 The confirmation process includes various phases:
• designing the request
• sending the request
• obtaining the responses
• evaluating the results.
Designing the Request
13.08 Because confirmation requests should be tailored to meet specific audit objectives, the audit team should consider the assertions being addressed and the factors that are likely to affect the reliability of the evidence obtained from them. Those factors include:
• the form of the request (positive or negative)
• the design of the request
• prior experience with the entity or with similar audits
• the nature of the information being confirmed and the type of information they can readily confirm
• the intended respondent.
Positive Requests
13.09 Positive confirmation requests, which provide audit evidence only if responses are received from recipients, may be designed to ask recipients to:
• indicate whether they agree with information in the request, or
• fill in a balance or provide other information on a blank form.
The blank form of confirmation request mitigates the risk that a recipient may sign and return a request with unverified information (something the auditor cannot detect). However, because of the additional effort of completing blank form confirmations, they may have lower response rates and result in the audit team performing additional alternative procedures.
Negative Requests
13.10 Negative confirmation requests ask recipients to respond only if they disagree with the information. Implicit in the use of negative confirmations is the assumption that the addressee received the confirmation request and agreed with the information shown. Negative requests may reduce audit risk to an acceptable level if all of the following are true:
• assessed risk of misstatement is low (“A” strategy)
• there are many small balances involved
• a substantial number of errors are not expected
• there is no reason to believe that recipients will not consider the requests.
Nature of Information Being Confirmed
13.11 The respondents' ability to confirm the type of information requested should be considered in designing confirmation requests, because the nature of the information being confirmed may directly affect the appropriateness of the evidence obtained and the response rate. For example, an entity’s customer may be unable to confirm a balance because the customer’s accounting system operates on an open invoice basis, but he or she may be able to confirm specific transactions. An understanding of the substance of the entity’s arrangements and transactions with third parties is an important factor in determining the information to be confirmed.
13.12 The audit team should also consider confirming the terms of unusual or complex agreements or transactions, in addition to confirming the amounts because such transactions may be associated with high levels of risk - for example, a large and unusual sales transaction at year-end. In addition, if there is a risk that there may be significant oral modifications to an agreement; the existence of such modifications might be confirmed in addition to the terms of the agreement.
13.13 The audit team should ordinarily presume that there is a risk of material misstatement due to fraud relating to revenue recognition. Therefore, the audit team should carefully evaluate the appropriateness of the client's accounting for revenue transactions and the need to confirm the terms of transactions and the absence of any side agreements.
13.14 The necessity of confirming terms of transactions and the absence of side agreements increases if any of the following characteristics are encountered:
1. significant sales or volume of sales at or near the end of the reporting period
2. use of non-standard contracts or contract clauses
3. use of letters of authorization in lieu of signed contracts or agreements
4. altered dates on contracts or shipping documents. The audit team should consider the possibility of fraud.
5. concurrent agreements or "linked" contracts and transactions
6. lack of evidence of customer acceptance
7. existence of bill-and-hold transactions
8. existence of extended payment terms or non-standard installment receivables
9. accounting/finance department's lack of involvement in sales transactions or in the monitoring of arrangements with distributors
10. unusual volume of sales to distributors/retailers
11. sales, other than sales of software, with commitments for future upgrades
12. sales where significant uncertainties and/or obligations to the seller exist
13. sales to value-added-resellers and distributors lacking financial strength
14. increasing receivables from a customer, which may be an indicator of the customers' perceptions of the payment terms (e.g., payments not due until resale to end users)
15. aggressive accounting policies or practices (e.g., tone at the top regarding pressures for revenue and earnings).
Respondents
13.15 Confirmation requests should be directed to parties that are knowledgeable about the information being confirmed. For example, an entity’s banking arrangements, such as a loan covenant waiver, should be confirmed with an official at the bank who is knowledgeable about the waiver and is authorized to respond to the request.
13.16 In designing confirmation requests and evaluating the results, including whether additional procedures are necessary, the audit team should also consider reliability of the audit evidence obtained from the respondent. Reliability is affected by the respondents' competence, knowledge, motivation, ability or willingness to respond, and objectivity. In certain circumstances, such as when there is a significant, unusual year-end transaction that materially affects the financial statements or a respondent economically dependent on the entity, the audit team should consider whether there is a sufficient basis for concluding that a particular recipient's response can be expected to provide meaningful and appropriate evidence and whether the respondent may be motivated to provide and inaccurate response.
13.17 Confirmation requests ordinarily include management’s authorization to the respondent to disclose the information to the audit team. Respondents may be more willing to respond to a confirmation request containing management’s authorization, and in some cases may be unable to respond unless the request contains management’s authorization.
Sending the Request
Controlling the Confirmation Process
13.18 At all times, the audit team should maintain control over the process of selecting items to be confirmed, preparing and mailing requests and receiving responses to the requests.
Summary
This Chapter describes the confirmation process in an audit.
Overview
13.01 Confirmation is a procedure used to obtain audit evidence from third parties. The confirmation process includes obtaining and evaluating audit evidence though a representation of information or an existing condition directly from a third party in response to a request for information about a particular item affecting financial statement assertions. Because confirmations are ordinarily obtained in writing and directly from sources outside the audited entity, they are highly persuasive as audit evidence.
Types of Confirmations
13.02 In addition to obtaining information about accounts receivable balances, confirmations can be used to obtain information about:
• litigation, claims and assessments
• bank balances and other information from bankers
• notes receivable
• inventory
• consigned inventory
• investment securities
• property title deeds held by lawyers of financiers for safe custody or as security
• market values
• life insurance policies
• insurance arrangements
• deposits
• accounts payable
• debt arrangements
• pension and actuarial information
• actual and contingent liabilities
• the absence of certain conditions, such as side agreements.
13.03 In deciding whether to obtain confirmations as audit evidence, the audit team must consider the entity and its environment, the ability and willingness of third parties to respond to the request and prior year experience. Because confirmations can be costly to obtain, they are not used in every applicable situation. Instead, the audit team may look to other audit procedures that will provide sufficient audit evidence at a lower cost.
13.04 Information from prior audits, such as response rates and inaccurate information on returned confirmations, may be considered in determining the effectiveness and efficiency of using confirmation procedures. For example, the audit team may consider obtaining audit evidence from other sources if the response rates to properly designed confirmation requests were poor in prior audits.
Relationship of Confirmation Procedures to Risk Assessment
13.05 In Horizon, confirmation procedures are suggested in every audit. The audit team's risk assessment procedures determine the extent that confirmations are used to obtain evidence about an assertion. Because confirmation provides strong, direct third-party evidence, more extensive confirmation procedures are likely to be used in addition to (or instead of) tests directed to internal documents or inquiries as the combined risk assessments increase (e.g., confirmation procedures will more likely be used in a critical assertion than a not critical assertion).
Assertions Addressed by Confirmations
13.06 Although properly designed confirmations may address any one or all of the financial statement assertions, the information obtained may not be equally relevant or reliable for all assertions. For example, it may be more effective to use accounts receivable confirmations for the existence-occurrence assertion than for the valuation net assertion, where it is impractical to ask the customer to provide information regarding their ability to repay the amount due.
The Confirmation Process
13.07 The confirmation process includes various phases:
• designing the request
• sending the request
• obtaining the responses
• evaluating the results.
Designing the Request
13.08 Because confirmation requests should be tailored to meet specific audit objectives, the audit team should consider the assertions being addressed and the factors that are likely to affect the reliability of the evidence obtained from them. Those factors include:
• the form of the request (positive or negative)
• the design of the request
• prior experience with the entity or with similar audits
• the nature of the information being confirmed and the type of information they can readily confirm
• the intended respondent.
Positive Requests
13.09 Positive confirmation requests, which provide audit evidence only if responses are received from recipients, may be designed to ask recipients to:
• indicate whether they agree with information in the request, or
• fill in a balance or provide other information on a blank form.
The blank form of confirmation request mitigates the risk that a recipient may sign and return a request with unverified information (something the auditor cannot detect). However, because of the additional effort of completing blank form confirmations, they may have lower response rates and result in the audit team performing additional alternative procedures.
Negative Requests
13.10 Negative confirmation requests ask recipients to respond only if they disagree with the information. Implicit in the use of negative confirmations is the assumption that the addressee received the confirmation request and agreed with the information shown. Negative requests may reduce audit risk to an acceptable level if all of the following are true:
• assessed risk of misstatement is low (“A” strategy)
• there are many small balances involved
• a substantial number of errors are not expected
• there is no reason to believe that recipients will not consider the requests.
Nature of Information Being Confirmed
13.11 The respondents' ability to confirm the type of information requested should be considered in designing confirmation requests, because the nature of the information being confirmed may directly affect the appropriateness of the evidence obtained and the response rate. For example, an entity’s customer may be unable to confirm a balance because the customer’s accounting system operates on an open invoice basis, but he or she may be able to confirm specific transactions. An understanding of the substance of the entity’s arrangements and transactions with third parties is an important factor in determining the information to be confirmed.
13.12 The audit team should also consider confirming the terms of unusual or complex agreements or transactions, in addition to confirming the amounts because such transactions may be associated with high levels of risk - for example, a large and unusual sales transaction at year-end. In addition, if there is a risk that there may be significant oral modifications to an agreement; the existence of such modifications might be confirmed in addition to the terms of the agreement.
13.13 The audit team should ordinarily presume that there is a risk of material misstatement due to fraud relating to revenue recognition. Therefore, the audit team should carefully evaluate the appropriateness of the client's accounting for revenue transactions and the need to confirm the terms of transactions and the absence of any side agreements.
13.14 The necessity of confirming terms of transactions and the absence of side agreements increases if any of the following characteristics are encountered:
1. significant sales or volume of sales at or near the end of the reporting period
2. use of non-standard contracts or contract clauses
3. use of letters of authorization in lieu of signed contracts or agreements
4. altered dates on contracts or shipping documents. The audit team should consider the possibility of fraud.
5. concurrent agreements or "linked" contracts and transactions
6. lack of evidence of customer acceptance
7. existence of bill-and-hold transactions
8. existence of extended payment terms or non-standard installment receivables
9. accounting/finance department's lack of involvement in sales transactions or in the monitoring of arrangements with distributors
10. unusual volume of sales to distributors/retailers
11. sales, other than sales of software, with commitments for future upgrades
12. sales where significant uncertainties and/or obligations to the seller exist
13. sales to value-added-resellers and distributors lacking financial strength
14. increasing receivables from a customer, which may be an indicator of the customers' perceptions of the payment terms (e.g., payments not due until resale to end users)
15. aggressive accounting policies or practices (e.g., tone at the top regarding pressures for revenue and earnings).
Respondents
13.15 Confirmation requests should be directed to parties that are knowledgeable about the information being confirmed. For example, an entity’s banking arrangements, such as a loan covenant waiver, should be confirmed with an official at the bank who is knowledgeable about the waiver and is authorized to respond to the request.
13.16 In designing confirmation requests and evaluating the results, including whether additional procedures are necessary, the audit team should also consider reliability of the audit evidence obtained from the respondent. Reliability is affected by the respondents' competence, knowledge, motivation, ability or willingness to respond, and objectivity. In certain circumstances, such as when there is a significant, unusual year-end transaction that materially affects the financial statements or a respondent economically dependent on the entity, the audit team should consider whether there is a sufficient basis for concluding that a particular recipient's response can be expected to provide meaningful and appropriate evidence and whether the respondent may be motivated to provide and inaccurate response.
13.17 Confirmation requests ordinarily include management’s authorization to the respondent to disclose the information to the audit team. Respondents may be more willing to respond to a confirmation request containing management’s authorization, and in some cases may be unable to respond unless the request contains management’s authorization.
Sending the Request
Controlling the Confirmation Process
13.18 At all times, the audit team should maintain control over the process of selecting items to be confirmed, preparing and mailing requests and receiving responses to the requests.
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Chương mười ba-giấy tờ xác nhận kiểm toánTóm tắtChương này mô tả quá trình xác nhận trong một cuộc kiểm toán.Tổng quan13,01 xác nhận là một thủ tục được sử dụng để có được kiểm tra bằng chứng từ bên thứ ba. Quá trình xác nhận bao gồm việc thu thập và đánh giá chứng cứ kiểm toán mặc dù một đại diện của thông tin hoặc một tình trạng hiện tại trực tiếp từ một phần ba bên đáp ứng một yêu cầu thông tin về một mục cụ thể ảnh hưởng đến khẳng định báo cáo tài chính. Bởi vì giấy tờ xác nhận thường thu được bằng văn bản và trực tiếp từ nguồn bên ngoài các tổ chức được kiểm toán, họ đang rất thuyết phục như là bằng chứng kiểm toán.Trong số các loại giấy tờ xác nhận13.02 ngoài việc thu thập thông tin về tài khoản phải thu số dư, giấy tờ xác nhận có thể được sử dụng để có được thông tin về:• tranh tụng, tuyên bố và đánh giá• Ngân hàng cân bằng và các thông tin khác từ các ngân hàng• ghi chú phải thu• hàng tồn kho• phụ hàng tồn kho• đầu tư chứng khoán• tài sản đề deeds được tổ chức bởi các luật sư của tổ chức tài chính an toàn tạm giữ hoặc bảo đảm• thị trường giá trị• bảo hiểm nhân thọ chính sách• thu xếp bảo hiểm• tiền gửi• tài khoản phải nộp• nợ sắp xếp• trợ cấp và actuarial thông tin• thực tế và đội ngũ trách nhiệm pháp lý• sự vắng mặt của điều kiện nhất định, chẳng hạn như bên thỏa thuận.13.03 trong việc quyết định cho dù để có được giấy tờ xác nhận như là bằng chứng kiểm toán, đội ngũ kiểm toán phải xem xét các thực thể và môi trường của nó, khả năng và sẵn sàng của bên thứ ba để đáp ứng các yêu cầu và trước năm kinh nghiệm. Bởi vì giấy tờ xác nhận có thể tốn kém để có được, họ không được sử dụng trong mọi tình huống áp dụng. Thay vào đó, đội ngũ kiểm toán có thể trông khác thủ tục kiểm toán sẽ cung cấp đủ bằng chứng kiểm toán chi phí thấp.13,04 thông tin từ kiểm toán trước, chẳng hạn như phản ứng tỷ giá và các thông tin không chính xác về giấy tờ xác nhận trở lại, có thể được xem xét trong việc xác định hiệu quả và hiệu quả của việc sử dụng thủ tục xác nhận. Ví dụ, đội ngũ kiểm toán có thể xem xét nhận được kiểm tra bằng chứng từ các nguồn khác nếu tỷ lệ phản ứng đúng cách thiết kế xác nhận yêu cầu được người nghèo ở trước kiểm toán.Mối quan hệ của thủ tục xác nhận rủi ro đánh giá13.05 ở chân trời, thủ tục xác nhận được đề nghị trong mỗi kiểm toán. Đánh giá rủi ro của nhóm nghiên cứu kiểm toán thủ tục xác định phạm vi giấy tờ xác nhận được sử dụng để có được bằng chứng về một khẳng định. Vì xác nhận cung cấp bằng chứng mạnh mẽ, trực tiếp bên thứ ba, xác nhận rộng rãi hơn thủ tục có thể được sử dụng để bổ sung (hoặc thay vì) kiểm tra tài liệu hướng dẫn để nội bộ hoặc yêu cầu như là sự gia tăng đánh giá rủi ro kết hợp (ví dụ, xác nhận thủ tục nhiều khả năng sẽ được sử dụng trong một khẳng định quan trọng hơn một khẳng định không quan trọng).Khẳng định địa chỉ của giấy tờ xác nhận13,06 mặc dù giấy tờ xác nhận đúng được thiết kế có thể giải quyết bất kỳ một hoặc tất cả khẳng định báo cáo tài chính, thông tin thu được có thể không được như nhau có liên quan hoặc đáng tin cậy cho tất cả khẳng định. Ví dụ, nó có thể hiệu quả hơn để sử dụng tài khoản phải thu giấy tờ xác nhận để khẳng định sự tồn tại xảy ra hơn cho khẳng định xác định giá trị ròng, nơi nó là không thực tế để yêu cầu khách hàng cung cấp các thông tin liên quan đến khả năng của họ để trả nợ số tiền do.Quá trình xác nhận13.07 quá trình xác nhận bao gồm các giai đoạn khác nhau:• thiết kế yêu cầu• gửi yêu cầu • việc thu thập các câu trả lời• đánh giá kết quả.Thiết kế yêu cầu13.08 vì yêu cầu xác nhận nên được thiết kế để đáp ứng mục tiêu cụ thể kiểm toán, đội ngũ kiểm toán nên xem xét khẳng định được giải quyết và các yếu tố có thể ảnh hưởng đến độ tin cậy của các bằng chứng thu được từ họ. Những yếu tố bao gồm:• hình thức yêu cầu (tích cực hay tiêu cực)• thiết kế yêu cầu• kinh nghiệm với các tổ chức hoặc với tương tự như kiểm toán• bản chất của thông tin được xác nhận và loại thông tin họ có thể dễ dàng xác nhận• các thắc dự định. Tích cực yêu cầu13,09 yêu cầu xác nhận tích cực, trong đó cung cấp bằng chứng kiểm toán chỉ nếu phản ứng nhận được từ người nhận, có thể được thiết kế để yêu cầu người nhận phải:• chỉ ra cho dù họ đồng ý với thông tin trong yêu cầu, hoặc• điền vào một sự cân bằng hoặc cung cấp thông tin khác trên một mẫu trống.Các hình thức trống yêu cầu xác nhận mitigates nguy cơ mà một người nhận có thể đăng nhập và trả lại một yêu cầu với unverified thông tin (một cái gì đó các kiểm toán không thể phát hiện). Tuy nhiên, bởi vì nỗ lực bổ sung hoàn thành giấy tờ xác nhận dạng trống, họ có thể có tỷ giá thấp hơn phản ứng và dẫn đến đội ngũ kiểm toán thực hiện quy trình thay thế bổ sung.Phủ định yêu cầu13,10 yêu cầu xác nhận tiêu cực yêu cầu người nhận để đáp ứng chỉ nếu họ không đồng ý với các thông tin. Tiềm ẩn trong việc sử dụng giấy tờ xác nhận tiêu cực là giả định rằng người nhận đã nhận được yêu cầu xác nhận và đồng ý với thông tin hiển thị. Yêu cầu tiêu cực có thể làm giảm rủi ro kiểm toán đến một mức độ chấp nhận được nếu tất cả những điều sau đây là đúng:• đánh giá rủi ro của misstatement là thấp ("Một" chiến lược)• có là nhiều số dư nhỏ tham gia• một số đáng kể các lỗi không được mong đợi• có là không có lý do để tin rằng người nhận sẽ không xem xét các yêu cầu.Bản chất của thông tin được xác nhận13.11 những người trả lời có thể xác nhận loại thông tin yêu cầu cần được xem xét trong việc thiết kế yêu cầu xác nhận, bởi vì bản chất của thông tin được xác nhận có thể trực tiếp ảnh hưởng đến thích hợp của các bằng chứng thu được và tốc độ phản ứng. Ví dụ, một thực thể khách hàng có thể không thể xác nhận một sự cân bằng bởi vì hệ thống kế toán của khách hàng hoạt động trên cơ sở mở hóa đơn, nhưng họ có thể xác nhận giao dịch cụ thể. Sự hiểu biết về các chất của các thực thể sắp xếp và giao dịch với bên thứ ba là một yếu tố quan trọng trong việc xác định các thông tin để được xác nhận.13.12 kiểm toán nhóm cũng nên xem xét xác nhận các điều khoản của thỏa thuận bất thường hoặc phức tạp hoặc giao dịch, ngoài việc xác nhận số tiền bởi vì các giao dịch có thể được kết hợp với trình độ cao về nguy cơ - ví dụ, một lớn và bất thường bán hàng giao dịch tại cuối năm. Ngoài ra, nếu có là một rủi ro có thể đáng kể bằng miệng sửa đổi đến một thỏa thuận; sự tồn tại của các sửa đổi có thể được xác nhận ngoài các điều khoản của Hiệp định.13.13 nhóm kiểm toán thường nên đoán là có một nguy cơ vật liệu misstatement do gian lận liên quan đến doanh thu công nhận. Do đó, đội ngũ kiểm toán nên cẩn thận đánh giá thích hợp của kế toán của khách hàng cho các giao dịch doanh thu và sự cần thiết để xác nhận các điều khoản của các giao dịch và sự vắng mặt của bất kỳ thỏa thuận bên.13.14 sự cần thiết phải xác nhận các điều khoản của các giao dịch và sự vắng mặt của các bên thỏa thuận tăng nếu bất kỳ của những đặc điểm sau đang gặp phải:1. đáng kể doanh số bán hàng hoặc khối lượng bán hàng tại hoặc gần cuối của chu kỳ báo cáo2. việc sử dụng không đúng tiêu chuẩn hợp đồng hoặc điều khoản hợp đồng3. sử dụng các chữ cái ủy quyền thay vì đã ký hợp đồng hoặc hợp đồng4. thay đổi ngày đến ngày hợp đồng hoặc vận chuyển tài liệu. Đội ngũ kiểm toán nên xem xét khả năng gian lận.5. đồng thời các thỏa thuận hoặc "liên kết" hợp đồng và giao dịch6. thiếu bằng chứng về sự chấp nhận khách hàng7. sự tồn tại của hóa đơn và giữ giao dịch8. sự tồn tại của các điều khoản thanh toán mở rộng hoặc lắp đặt không đúng tiêu chuẩn khoản phải thu9. kế toán/tài chính của vùng thiếu sự tham gia trong giao dịch bán hàng hoặc trong giám sát sự sắp xếp với nhà phân phối10. không bình thường khối lượng bán hàng cho nhà phân phối/nhà bán lẻ11. bán, khác hơn so với doanh thu của phần mềm, với các cam kết để nâng cấp trong tương lai12. bán hàng nơi tồn tại của sự không chắc chắn đáng kể và/hoặc nghĩa vụ cho người bán13. bán hàng để value added đại lý và các nhà phân phối thiếu sức mạnh tài chính14. tăng khoản phải thu từ một khách hàng, có thể là một chỉ báo của các khách hàng nhận thức của các điều khoản thanh toán (ví dụ như, các khoản thanh toán không do cho đến khi bán lại cho người dùng cuối)15. tích cực kế toán chính sách hoặc thực hành (ví dụ như, các giai điệu ở đầu liên quan đến áp lực cho doanh thu và thu nhập).Người trả lời13.15 xác nhận yêu cầu cần được hướng dẫn để các bên có kiến thức về những thông tin được xác nhận. Ví dụ, một thực thể sắp xếp ngân hàng, chẳng hạn như là từ bỏ thỏa thuận cho vay, nên được xác nhận với một quan chức tại ngân hàng người là kiến thức về từ bỏ và được ủy quyền để đáp ứng yêu cầu. 13.16 trong thiết kế yêu cầu xác nhận và đánh giá kết quả, bao gồm cả cho dù thủ tục bổ sung là cần thiết, đội ngũ kiểm toán cũng nên xem xét độ tin cậy của chứng cứ kiểm toán thu được từ các thắc. Độ tin cậy bị ảnh hưởng bởi những người trả lời thẩm quyền, kiến thức, động lực, khả năng hoặc sẵn sàng để đáp ứng, và khách quan. Trong một số trường hợp, chẳng hạn như khi có một giao dịch đáng kể, không bình thường cuối năm mà vật chất ảnh hưởng đến báo cáo tài chính hoặc thắc kinh tế phụ thuộc vào các tổ chức, đội ngũ kiểm toán nên xem xét cho dù có là một cơ sở đủ để kết luận rằng phản ứng của một người nhận cụ thể có thể được dự kiến sẽ cung cấp bằng chứng có ý nghĩa và thích hợp và cho dù các thắc có thể là động lực để cung cấp và phản ứng không chính xác.13.17 yêu cầu xác nhận thường bao gồm ủy quyền của quản lý để các thắc để tiết lộ thông tin cho đội ngũ kiểm toán. Người trả lời có thể sẵn sàng để đáp ứng một yêu cầu xác nhận có sự cho phép của quản lý, và trong một số trường hợp có thể không đáp ứng trừ khi yêu cầu có sự cho phép của quản lý. Gửi yêu cầuViệc kiểm soát quá trình xác nhận13,18 mọi lúc, đội ngũ kiểm toán nên duy trì kiểm soát quá trình lựa chọn khoản mục để được xác nhận, chuẩn bị và gửi thư yêu cầu và nhận được phản ứng với các yêu cầu.
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Chapter Thirteen – Audit Confirmations
Summary
This Chapter describes the confirmation process in an audit.
Overview
13.01 Confirmation is a procedure used to obtain audit evidence from third parties. The confirmation process includes obtaining and evaluating audit evidence though a representation of information or an existing condition directly from a third party in response to a request for information about a particular item affecting financial statement assertions. Because confirmations are ordinarily obtained in writing and directly from sources outside the audited entity, they are highly persuasive as audit evidence.
Types of Confirmations
13.02 In addition to obtaining information about accounts receivable balances, confirmations can be used to obtain information about:
• litigation, claims and assessments
• bank balances and other information from bankers
• notes receivable
• inventory
• consigned inventory
• investment securities
• property title deeds held by lawyers of financiers for safe custody or as security
• market values
• life insurance policies
• insurance arrangements
• deposits
• accounts payable
• debt arrangements
• pension and actuarial information
• actual and contingent liabilities
• the absence of certain conditions, such as side agreements.
13.03 In deciding whether to obtain confirmations as audit evidence, the audit team must consider the entity and its environment, the ability and willingness of third parties to respond to the request and prior year experience. Because confirmations can be costly to obtain, they are not used in every applicable situation. Instead, the audit team may look to other audit procedures that will provide sufficient audit evidence at a lower cost.
13.04 Information from prior audits, such as response rates and inaccurate information on returned confirmations, may be considered in determining the effectiveness and efficiency of using confirmation procedures. For example, the audit team may consider obtaining audit evidence from other sources if the response rates to properly designed confirmation requests were poor in prior audits.
Relationship of Confirmation Procedures to Risk Assessment
13.05 In Horizon, confirmation procedures are suggested in every audit. The audit team's risk assessment procedures determine the extent that confirmations are used to obtain evidence about an assertion. Because confirmation provides strong, direct third-party evidence, more extensive confirmation procedures are likely to be used in addition to (or instead of) tests directed to internal documents or inquiries as the combined risk assessments increase (e.g., confirmation procedures will more likely be used in a critical assertion than a not critical assertion).
Assertions Addressed by Confirmations
13.06 Although properly designed confirmations may address any one or all of the financial statement assertions, the information obtained may not be equally relevant or reliable for all assertions. For example, it may be more effective to use accounts receivable confirmations for the existence-occurrence assertion than for the valuation net assertion, where it is impractical to ask the customer to provide information regarding their ability to repay the amount due.
The Confirmation Process
13.07 The confirmation process includes various phases:
• designing the request
• sending the request
• obtaining the responses
• evaluating the results.
Designing the Request
13.08 Because confirmation requests should be tailored to meet specific audit objectives, the audit team should consider the assertions being addressed and the factors that are likely to affect the reliability of the evidence obtained from them. Those factors include:
• the form of the request (positive or negative)
• the design of the request
• prior experience with the entity or with similar audits
• the nature of the information being confirmed and the type of information they can readily confirm
• the intended respondent.
Positive Requests
13.09 Positive confirmation requests, which provide audit evidence only if responses are received from recipients, may be designed to ask recipients to:
• indicate whether they agree with information in the request, or
• fill in a balance or provide other information on a blank form.
The blank form of confirmation request mitigates the risk that a recipient may sign and return a request with unverified information (something the auditor cannot detect). However, because of the additional effort of completing blank form confirmations, they may have lower response rates and result in the audit team performing additional alternative procedures.
Negative Requests
13.10 Negative confirmation requests ask recipients to respond only if they disagree with the information. Implicit in the use of negative confirmations is the assumption that the addressee received the confirmation request and agreed with the information shown. Negative requests may reduce audit risk to an acceptable level if all of the following are true:
• assessed risk of misstatement is low (“A” strategy)
• there are many small balances involved
• a substantial number of errors are not expected
• there is no reason to believe that recipients will not consider the requests.
Nature of Information Being Confirmed
13.11 The respondents' ability to confirm the type of information requested should be considered in designing confirmation requests, because the nature of the information being confirmed may directly affect the appropriateness of the evidence obtained and the response rate. For example, an entity’s customer may be unable to confirm a balance because the customer’s accounting system operates on an open invoice basis, but he or she may be able to confirm specific transactions. An understanding of the substance of the entity’s arrangements and transactions with third parties is an important factor in determining the information to be confirmed.
13.12 The audit team should also consider confirming the terms of unusual or complex agreements or transactions, in addition to confirming the amounts because such transactions may be associated with high levels of risk - for example, a large and unusual sales transaction at year-end. In addition, if there is a risk that there may be significant oral modifications to an agreement; the existence of such modifications might be confirmed in addition to the terms of the agreement.
13.13 The audit team should ordinarily presume that there is a risk of material misstatement due to fraud relating to revenue recognition. Therefore, the audit team should carefully evaluate the appropriateness of the client's accounting for revenue transactions and the need to confirm the terms of transactions and the absence of any side agreements.
13.14 The necessity of confirming terms of transactions and the absence of side agreements increases if any of the following characteristics are encountered:
1. significant sales or volume of sales at or near the end of the reporting period
2. use of non-standard contracts or contract clauses
3. use of letters of authorization in lieu of signed contracts or agreements
4. altered dates on contracts or shipping documents. The audit team should consider the possibility of fraud.
5. concurrent agreements or "linked" contracts and transactions
6. lack of evidence of customer acceptance
7. existence of bill-and-hold transactions
8. existence of extended payment terms or non-standard installment receivables
9. accounting/finance department's lack of involvement in sales transactions or in the monitoring of arrangements with distributors
10. unusual volume of sales to distributors/retailers
11. sales, other than sales of software, with commitments for future upgrades
12. sales where significant uncertainties and/or obligations to the seller exist
13. sales to value-added-resellers and distributors lacking financial strength
14. increasing receivables from a customer, which may be an indicator of the customers' perceptions of the payment terms (e.g., payments not due until resale to end users)
15. aggressive accounting policies or practices (e.g., tone at the top regarding pressures for revenue and earnings).
Respondents
13.15 Confirmation requests should be directed to parties that are knowledgeable about the information being confirmed. For example, an entity’s banking arrangements, such as a loan covenant waiver, should be confirmed with an official at the bank who is knowledgeable about the waiver and is authorized to respond to the request.
13.16 In designing confirmation requests and evaluating the results, including whether additional procedures are necessary, the audit team should also consider reliability of the audit evidence obtained from the respondent. Reliability is affected by the respondents' competence, knowledge, motivation, ability or willingness to respond, and objectivity. In certain circumstances, such as when there is a significant, unusual year-end transaction that materially affects the financial statements or a respondent economically dependent on the entity, the audit team should consider whether there is a sufficient basis for concluding that a particular recipient's response can be expected to provide meaningful and appropriate evidence and whether the respondent may be motivated to provide and inaccurate response.
13.17 Confirmation requests ordinarily include management’s authorization to the respondent to disclose the information to the audit team. Respondents may be more willing to respond to a confirmation request containing management’s authorization, and in some cases may be unable to respond unless the request contains management’s authorization.
Sending the Request
Controlling the Confirmation Process
13.18 At all times, the audit team should maintain control over the process of selecting items to be confirmed, preparing and mailing requests and receiving responses to the requests.
Summary
This Chapter describes the confirmation process in an audit.
Overview
13.01 Confirmation is a procedure used to obtain audit evidence from third parties. The confirmation process includes obtaining and evaluating audit evidence though a representation of information or an existing condition directly from a third party in response to a request for information about a particular item affecting financial statement assertions. Because confirmations are ordinarily obtained in writing and directly from sources outside the audited entity, they are highly persuasive as audit evidence.
Types of Confirmations
13.02 In addition to obtaining information about accounts receivable balances, confirmations can be used to obtain information about:
• litigation, claims and assessments
• bank balances and other information from bankers
• notes receivable
• inventory
• consigned inventory
• investment securities
• property title deeds held by lawyers of financiers for safe custody or as security
• market values
• life insurance policies
• insurance arrangements
• deposits
• accounts payable
• debt arrangements
• pension and actuarial information
• actual and contingent liabilities
• the absence of certain conditions, such as side agreements.
13.03 In deciding whether to obtain confirmations as audit evidence, the audit team must consider the entity and its environment, the ability and willingness of third parties to respond to the request and prior year experience. Because confirmations can be costly to obtain, they are not used in every applicable situation. Instead, the audit team may look to other audit procedures that will provide sufficient audit evidence at a lower cost.
13.04 Information from prior audits, such as response rates and inaccurate information on returned confirmations, may be considered in determining the effectiveness and efficiency of using confirmation procedures. For example, the audit team may consider obtaining audit evidence from other sources if the response rates to properly designed confirmation requests were poor in prior audits.
Relationship of Confirmation Procedures to Risk Assessment
13.05 In Horizon, confirmation procedures are suggested in every audit. The audit team's risk assessment procedures determine the extent that confirmations are used to obtain evidence about an assertion. Because confirmation provides strong, direct third-party evidence, more extensive confirmation procedures are likely to be used in addition to (or instead of) tests directed to internal documents or inquiries as the combined risk assessments increase (e.g., confirmation procedures will more likely be used in a critical assertion than a not critical assertion).
Assertions Addressed by Confirmations
13.06 Although properly designed confirmations may address any one or all of the financial statement assertions, the information obtained may not be equally relevant or reliable for all assertions. For example, it may be more effective to use accounts receivable confirmations for the existence-occurrence assertion than for the valuation net assertion, where it is impractical to ask the customer to provide information regarding their ability to repay the amount due.
The Confirmation Process
13.07 The confirmation process includes various phases:
• designing the request
• sending the request
• obtaining the responses
• evaluating the results.
Designing the Request
13.08 Because confirmation requests should be tailored to meet specific audit objectives, the audit team should consider the assertions being addressed and the factors that are likely to affect the reliability of the evidence obtained from them. Those factors include:
• the form of the request (positive or negative)
• the design of the request
• prior experience with the entity or with similar audits
• the nature of the information being confirmed and the type of information they can readily confirm
• the intended respondent.
Positive Requests
13.09 Positive confirmation requests, which provide audit evidence only if responses are received from recipients, may be designed to ask recipients to:
• indicate whether they agree with information in the request, or
• fill in a balance or provide other information on a blank form.
The blank form of confirmation request mitigates the risk that a recipient may sign and return a request with unverified information (something the auditor cannot detect). However, because of the additional effort of completing blank form confirmations, they may have lower response rates and result in the audit team performing additional alternative procedures.
Negative Requests
13.10 Negative confirmation requests ask recipients to respond only if they disagree with the information. Implicit in the use of negative confirmations is the assumption that the addressee received the confirmation request and agreed with the information shown. Negative requests may reduce audit risk to an acceptable level if all of the following are true:
• assessed risk of misstatement is low (“A” strategy)
• there are many small balances involved
• a substantial number of errors are not expected
• there is no reason to believe that recipients will not consider the requests.
Nature of Information Being Confirmed
13.11 The respondents' ability to confirm the type of information requested should be considered in designing confirmation requests, because the nature of the information being confirmed may directly affect the appropriateness of the evidence obtained and the response rate. For example, an entity’s customer may be unable to confirm a balance because the customer’s accounting system operates on an open invoice basis, but he or she may be able to confirm specific transactions. An understanding of the substance of the entity’s arrangements and transactions with third parties is an important factor in determining the information to be confirmed.
13.12 The audit team should also consider confirming the terms of unusual or complex agreements or transactions, in addition to confirming the amounts because such transactions may be associated with high levels of risk - for example, a large and unusual sales transaction at year-end. In addition, if there is a risk that there may be significant oral modifications to an agreement; the existence of such modifications might be confirmed in addition to the terms of the agreement.
13.13 The audit team should ordinarily presume that there is a risk of material misstatement due to fraud relating to revenue recognition. Therefore, the audit team should carefully evaluate the appropriateness of the client's accounting for revenue transactions and the need to confirm the terms of transactions and the absence of any side agreements.
13.14 The necessity of confirming terms of transactions and the absence of side agreements increases if any of the following characteristics are encountered:
1. significant sales or volume of sales at or near the end of the reporting period
2. use of non-standard contracts or contract clauses
3. use of letters of authorization in lieu of signed contracts or agreements
4. altered dates on contracts or shipping documents. The audit team should consider the possibility of fraud.
5. concurrent agreements or "linked" contracts and transactions
6. lack of evidence of customer acceptance
7. existence of bill-and-hold transactions
8. existence of extended payment terms or non-standard installment receivables
9. accounting/finance department's lack of involvement in sales transactions or in the monitoring of arrangements with distributors
10. unusual volume of sales to distributors/retailers
11. sales, other than sales of software, with commitments for future upgrades
12. sales where significant uncertainties and/or obligations to the seller exist
13. sales to value-added-resellers and distributors lacking financial strength
14. increasing receivables from a customer, which may be an indicator of the customers' perceptions of the payment terms (e.g., payments not due until resale to end users)
15. aggressive accounting policies or practices (e.g., tone at the top regarding pressures for revenue and earnings).
Respondents
13.15 Confirmation requests should be directed to parties that are knowledgeable about the information being confirmed. For example, an entity’s banking arrangements, such as a loan covenant waiver, should be confirmed with an official at the bank who is knowledgeable about the waiver and is authorized to respond to the request.
13.16 In designing confirmation requests and evaluating the results, including whether additional procedures are necessary, the audit team should also consider reliability of the audit evidence obtained from the respondent. Reliability is affected by the respondents' competence, knowledge, motivation, ability or willingness to respond, and objectivity. In certain circumstances, such as when there is a significant, unusual year-end transaction that materially affects the financial statements or a respondent economically dependent on the entity, the audit team should consider whether there is a sufficient basis for concluding that a particular recipient's response can be expected to provide meaningful and appropriate evidence and whether the respondent may be motivated to provide and inaccurate response.
13.17 Confirmation requests ordinarily include management’s authorization to the respondent to disclose the information to the audit team. Respondents may be more willing to respond to a confirmation request containing management’s authorization, and in some cases may be unable to respond unless the request contains management’s authorization.
Sending the Request
Controlling the Confirmation Process
13.18 At all times, the audit team should maintain control over the process of selecting items to be confirmed, preparing and mailing requests and receiving responses to the requests.
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