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When the client’s internal control are good, internal documents are more reliable than external True False Whenever practical and reasonable, the confirmation of accounts receivable is required of CPAs. True False Confirmations are ordinarily not used to verify individual transactions such as sales True False Of the three types of confirmations used by auditors, the most reliable type is the positive

When the client’s internal control are good, internal documents are more reliable than external True False Whenever practical and reasonable, the confirmation of accounts receivable is required of CPAs. True False Confirmations are ordinarily not used to verify individual transactions such as sales True False Of the three types of confirmations used by auditors, the most reliable type is the positive

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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  1. When the client’s internal control are good, internal documents are more reliable than external
    1. True
    2. False
  2. Whenever practical and reasonable, the confirmation of accounts receivable is required of CPAs.
    1. True
    2. False
  3. Confirmations are ordinarily not used to verify individual transactions such as sales
    1. True
    2. False
  4. Of the three types of confirmations used by auditors, the most reliable type is the positive conformation with the information to be confirmed included on the form.
    1. True
    2. False
  5. Analytical procedures are required during the planning and completion phases on all financial statements audits.
    1. True
    2. False
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