The risks associated with electronic confirmations are- reliability, falsification and fraud.
A reliable electronic confirmation procedure means that the auditor can be confident. She is addressing the verification application to the right individual. At the entity level, the auditor should assess whether the confirming organization is a genuine company.
The auditors can develop confidence in the reliability and performance of electronic responses in the following manner.
- The auditor must ascertain whether proof offered by electronic confirmations lessens audit risk to a satisfactory level for the assertions in inquiry. The auditor should take the account balance's magnitude in addition to his or her inherent and control risk monitoring when making this commitment.
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