Auditing - Bank Confirmations
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Business
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University
•
Hard
Wayground Content
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it crucial for the bank's response to go directly to the auditor?
To ensure the client can review it first
To allow the bank to charge a fee
To prevent the client from altering the confirmation
To save time in the audit process
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What was a common method for obtaining bank confirmations in the past?
Logging into the client's online banking portal
Using a third-party service provider
Writing a letter to the client's bank
Sending an email to the bank
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In what situation might letters still be used for bank confirmations?
When dealing with large international banks
When a client uses a small local bank with limited automation
For clients with multiple bank accounts
For clients with no online banking access
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key feature of modern bank confirmation processes?
They require the client to visit the bank
They involve third-party service providers
They are only used for small clients
They are entirely manual
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which third-party service provider is commonly used for bank confirmations?
VerifyBank
Confirmation.com
BankVerify
Audit.com
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