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IAASB Alerts Auditors to Get Skeptical on Confirmations

Tammy Whitehouse | November 5, 2009

International audit experts are reminding auditors to be careful when relying on third-party confirmations to reach audit conclusions, especially given advances in technology that can make them subject to abuse.

The International Auditing and Assurance Standards Board has published a practice alert that covers some of the emerging practices around audit confirmations. The alert points out areas in international auditing standards that are especially relevant as auditors decide when and how to rely on third-party confirmations.

Confirmations are requests by auditors to third parties to verify information contained in a company’s financial statements. Auditors routinely ask banks to verify account balances, for example, or vendors and customers to verify important transactions.


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