Question：Which of the following statements is the correct definition for the audit procedure 'confirmation'?
A. This involves watching a procedure or process being performed (for example, post opening).
B. This is the process of obtaining a representation of information or of an existing condition directly from a third party.
C. This is the auditor's independent execution of procedures or controls that were originally performed as part of the entity's internal control.
D. This consists of checking the mathematical accuracy of documents or records. It can be performed through the use of IT.
The correct answer is:This is the process of obtaining a representation of information or of an existing condition directly from a third party.
Confirmation relates to the process of obtaining a representation of information or of an existing condition directly from a third party. Examples would be confirmation of the year-end bank balance from the entity's bank, or confirmation of receivables balances directly from customers.
'This is the auditor's independent execution of procedures or controls that were originally performed as part of the entity's internal control' describes reperformance.
'This involves watching a procedure or process being performed (for example, post opening)' describes observation.
'This consists of checking the mathematical accuracy of documents or records. It can be performed through the use of IT' describes recalculation.
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