External Confirmations, Receivables and Sales: Session 24

Session 24
External Confirmations,
Receivables and Sales
FOCUS
This session covers the following content from the ACCA Study Guide.
D. Audit Evidence
4. The audit of specific items
For each of the account balances stated in this sub-capability:
• explain the audit objectives and the audit procedures in relation to
a) Receivables:
i) direct confirmation of accounts receivable,
ii) other evidence in relation to receivables and prepayments, and
iii) the completeness and occurrence of sales.
Session 24 Guidance
Learn the term "external confirmation" and attempt Example 1.
Learn the factors which affect the need for external confirmation (s.1.1) and appreciate
the range of factors which affect the design of the request (s.1.2).
Understand the difference between positive and negative and open and closed confirmation
requests (s.1.2).
(continued on next page)

F8 Audit and Assurance (INT) Becker Professional Education | ACCA Study System
Ali Niaz - ali.niaz777@gmail.com

VISUAL OVERVIEW
Objective: To describe the procedure of confirmation by direct communication and to
determine areas of risk and procedures in the audit of trade receivables.
EXTERNAL CONFIRMATIONS
• Considerations
• Design of Request
• Confirmation Process
• Responses
RISKS
• General Risks
• Audit Considerations
• Sources of Evidence
C A R E
MEASUREMENT ISSUES DIRECT CONFIRMATION

• Control Accounts • Confirmation Sample
• Cut-off Selection
• Recoverability • Confirmation
Requests
• Confirmation Returns
Session 24 Guidance
Read the general risks (s.2.1); see if you can anticipate the audit considerations (s.2.2).
Attempt Example 3.
Learn the procedures for obtaining direct confirmations (s.3). Attempt Example 4.
Understand other issues related to accounts receivable, prepayments and sales (s.4) and
attempt Example 5 (as revision of Session 21).
© 2014 DeVry/Becker Educational Development Corp. All rights reserved. 24-1

Session 24 • External Confirmations, Receivables and Sales F8 Audit and Assurance (INT)
1 External Confirmations (ISA 505)
The objective of the auditor, when using external confirmation

procedures, is to design and perform such procedures to obtain
relevant and reliable audit evidence.
Audit evidence—evidence obtained as a direct written response *When receiving

to the auditor from a third party in paper form, or by electronic or confirmation in
other medium.* electronic form
(e.g. e-mail) it is
critical to ensure
that the sender
Example 1 Direct Confirmation can be confirmed
(e.g. with an electronic
Suggest matters, other than receivables, on which it may be signature) and that
appropriate to seek direct confirmation. the content is secure
(e.g. encrypted).
Solution
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F8 Audit and Assurance (INT) Session 24 • External Confirmations, Receivables and Sales
1.1 Considerations
1.1.1 Need For
< Materiality of items to be confirmed;
< Assessed risk of material misstatement;
< Effectiveness of controls; and
< Availability of other evidence to reduce audit risk to an
acceptable level.*
*ISA 330 The Auditor's Responses to Assessed Risks specifically

requires auditors to give active consideration to the use of external
confirmations as substantive evidence. The expectation is that the
auditor will make extensive use of external confirmations even where
reliance is placed on the effectiveness of controls.
1.1.2 Reliability
< Obtained from external sources;
< Initiated and obtained directly by the auditor; and
< In documentary form (written or electronic).
1.1.3 Confirming Party
< Needs to have knowledge of subject matter; and
< Ability or willingness to reply (e.g. if concerned about legal
consequences).
1.2 Design of Request

< The design of a confirmation request may directly affect the
confirmation response rate and the reliability and the nature of
the audit evidence obtained from the responses.
< Factors to be considered include:
= Financial statements assertions being addressed.
= Identified risks, including fraud risks.
= Prior experience on the audit or similar engagements.
= Method of communication (paper, electronic). *Consider, for
= Management's authorisation for confirming parties to example, a company
respond to the auditor. selling machinery for
farming. Customers
= Respondent's competence, independence, motivation,
who are individual
authority or willingness to provide information, knowledge rural farmers may be
of the matter being confirmed and objectivity.* less likely to respond
= The type of information respondents will readily confirm, to a confirmation
such as single transactions (e.g. invoices) rather than request than a
overall account balance. corporate customer.
< The request may be positive or negative, open or closed.

1.2.1 Positive
< Request to confirm agreement with balance shown or express
disagreement.
< Preferred when there is high assessed risk, for example:
= weak internal controls;
= suspicion of irregularity or amounts in dispute; and/or
= numerous bookkeeping errors.
1.2.2 Negative
< Request to reply only in event of disagreement.
< Appropriate when:
= good internal controls (i.e. low control risk);
= large number of small accounts;
= errors not expected; and
= expectation that respondents will not ignore request.
1.2.3 Open
< Balance not shown. Respondent requested to enter balance.
< Used to encourage respondent not to just "tick off"
agreement.
< Usually used when requesting confirmation of possible
understatement of balance.
1.2.4 Closed
< Balance shown.
< Mainly used to confirm possible overstatement of a balance.
1.3 Confirmation Process
< The auditor should have control over:
= determining the information to be requested;
= the selection process and who should confirm;
= designing the confirmation requests;
= sending confirmation requests (including second requests);
= receiving responses.*
*This control is essential to minimise the risks of sample bias,

interception of requests and alteration of responses.

Example 2 Management's Refusal
Suggest procedures to be carried out by the auditor where management refuse to allow a
confirmation to be sent.
Solution
1.4 Responses
1.4.1 Information Given
< Consider if response given by expected individual and by
expected means (e.g. written and not oral). If not, determine
why and the reliability of the response (e.g. contact by phone
the individual from whom response was expected).
< Assess its consistency and reliability in relation to other
audit evidence. If in doubt, consider other audit procedures
including calling the respondent to confirm particular matters.
1.4.2 Agreement
< Consider the possibility of a "tick box" approach having
been taken.
1.4.3 Disagreement
< Identify reason why and carry out further audit procedures as
necessary (e.g. reconciling goods/cash in transit).
< Consider if increased risk of material misstatement.
< Assess need for further audit procedures to ensure sufficient
reliable audit evidence obtained.
1.4.4 No Response
< Action depends on how the nature and extent of alternative
audit procedures are affected by the assertion(s) assessed by
the confirmation.
< Alternative procedures may provide sufficient evidence.
< If no alternative procedures would provide the assurance
required, the effect on the audit report must be assessed.

2 Risks
2.1 General Risks

2.1.1 Receivables
< Accounts receivable may not be recoverable if:
= overdue;
= liquidated/in receivership;
= disputed (e.g. overpricing/goods supplied).
< An accounts receivable analysis may not accurately

reflect the age of debtors (e.g. if items are not matched
in an "open-item" system).
< Trade receivables will be overstated if:
= sales are overstated (see 2.1.3 below);
= fictitious balances are reported;
= the estimate for irrecoverable and doubtful debts
is inadequate.
< "Teeming and lading": receipts are pocketed and banking
delayed until another receipt makes up the shortfall. The
misappropriation is disguised by incorrect posting of
subsequent cash receipts, fictitious credit notes or an
irrecoverable debt write-off (also called "lapping").*
*A misappropriation is only concealed when allocations match

amounts of receipts; otherwise customers having made the
payments would be "put upon enquiry".
2.1.2 Prepayments
< Prepayments may not be recognised and correctly accounted *In most entities
for, resulting in:* individual
= an overstatement of expenses charged to the profit and prepayments will not
loss; and the be material, but the
cumulative effect
= an understatement of prepayments on the statement of of an inappropriate
financial position. accounting treatment
2.1.3 Sales of all prepayments
must be considered
< The auditor should be aware of and respond to the risk of as a risk.
material misstatement due to revenue recognition fraud.
< Common revenue frauds include:
= early revenue recognition;
= holding the books open past the close of the accounting
period;
= fictitious sales; and
= failure to record sales returns.

2.2 Audit Considerations

2.2.1 Receivables
< Obtain the listing of accounts receivable and agree the total to
the general ledger (completeness).
< Test the adequacy of the allowance for irrecoverable
receivables (valuation).
< Review bank confirmations (see Session 26) and loan
agreements for evidence that receivables have been used to
secure indebtedness (rights).
< Directly confirm a sample of accounts receivable and perform
any necessary alternative procedures (existence).
2.2.2 Prepayments
 Completeness, valuation and allocation, and existence are key
assertions for pre-payments.
 Audit considerations include:
= Understand the nature of the business and expected
prepayments.
= Obtain a list of prepayments from the client, cast and agree
to general ledger (valuation and allocation).
= Compare current prepayments with previous years and, for
material items, inspect supporting evidence such as paid
invoices (completeness, existence).
= Identify any unrecorded prepayments by reviewing the cash
book for large and unusual items and inspecting supporting
documents such as suppliers invoices (completeness,
cut‑off).
2.2.3 Sales
 Match a sample of shipping documents to the corresponding
sales invoices and recording in the proper control accounts
(completeness).
 Match a sample of sales transactions from the control account
to sales invoices, the customer order and shipping documents
(occurrence).
< Examine a sample of sales invoices for proper classification
into revenue accounts (classification).
 Compare a sample of sales invoices from shortly before and
after year end with the shipment dates and the dates the sales
were recorded (cut-off).
< Compare prices and terms on a sample of sales invoices with
authorised price list and terms of trade (accuracy).

< The auditor may also perform the following substantive

analytical procedures:
= Compare gross profit percentage by product line with
previous years and industry data.
= Compare reported revenue to budgeted revenue.
= Analyse the ratio of sales in the last month or week to total
sales for the year.
= Compare revenues recorded daily for periods shortly before
and after the year end for unusual fluctuations.
= Compare detail of units shipped with revenue and
production records and consider whether revenues are
reasonable compared with levels of production and average
sales price.
2.3 Sources of Evidence
Example 3 Sources "Ideas List"
Complete the following "ideas list" for the sources of evidence to be *See Session 20 for
used in the audit of receivables and sales. examples of written
representations.
Solution
 Accounting systems
 Documentation
 Tangible assets
 Management and
employees*
 Customers and suppliers
 Other third parties
 Analytical procedures

3 Direct Confirmation of Accounts Receivable
Direct confirmation of receivables provides evidence for the existence

of accounts receivable. Confirmation is generally done on a sample
basis. Many auditors find that by carrying out confirmations at the
year end (rather than at the start of the final audit) and including
the client's statements of customer balances, the reply rate from
customers is substantially higher (i.e. the test is more effective).
If the reporting deadline is tight, confirmation would normally be
undertaken at the month-end before the year end, with year-end
movements audited. Control account and cut-off procedures would
therefore be carried out twice—at the date of the confirmation and at
the year end. The audit of cut-off is discussed separately in section 4,
as it is a major audit procedure.
3.1 Confirmation Sample Selection

< Obtain list of balances from client as at the year end, check
extraction, cast, agree total to general ledger/trial balance/
financial statements.
< Identify all credit balances and if material, enquire of
management as to why (may indicate a breakdown
in controls).
< "Gross up" for credit balances (i.e. add back to show true
balance, not net balance) and similarly for debit balances on
payables, if material.
< Select sample using monetary unit sampling or professional
judgement.*
*Where the system is computerised, the use of CAATs is a very

effective and efficient means of selecting a sample for confirmation.
CAATs may also be used to analyse inventory, sales, cash receipts
and journals to recalculate receivable balances.

< Balances selected using professional judgement will,

for example, include:
= balances greater than the performance materiality level;
= old outstanding balances;
= credit balances;
= nil balances; and
= accounts showing unusual activity (e.g. large number of
credit notes or irrecoverable debt write-offs).
< Confirm with the client the sample selected. Discuss with
management if any customers are requested to be removed
from sample. Ensure full evidence is recorded including
alternative procedures (as effectively limitation on scope is
being imposed by the client). Such items must be considered
as suspicious, unless proved otherwise.
3.2 Confirmation Requests

< Produce confirmation letters on client letterhead to be signed
by client (confidentiality).
< Auditor to independently post letters, not through client office.
3.3 Confirmation Returns
< Check that confirmations appear to have come from those to
whom they were sent (e.g. review postmarks).
< Return will either fully agree, partially agree or totally
disagree.
< If disagreement, reconcile differences:*
< Goods in transit to sales invoice, despatch notes, exclusion
from year-end inventory.
< Cash in transit to cash received after year end and entry in *Where the
bank statement. disagreements concern
posting errors, wrong
< Disputes: review correspondence and establish if further goods or quantities
review for irrecoverable debts, provisions for claims (where delivered and similar
sold items require repairs or caused damage or loss) and complaints, this may
inventory NRV (need to carry out further work to bring indicate breakdown in
finished goods up to saleable condition) will be necessary. controls. Any interim
< If no return received, consider second request or alternative control work carried
procedures. out should be reviewed
and the risk of
material misstatement
reassessed.

Illustration 1 Sample Confirmation Letter
XyZ Industrial Holdings

Address
To: {[mail merge]}
Audit confirmation
As part of their standard audit procedures, we have been requested by our auditors,
Messrs Pears, Cross, Brannigan & Company, to ask you to confirm the balance on your
account with us as at 30 June 20X1.
Will you please return the enclosed slip to our auditors, Messrs Pears, Cross, Brannigan &
Company, of 131/133 Dutchman Avenue, indicating whether or not you agree the enclosed
account by deleting the line that does not apply. We are grateful for you to do this, even
if you have since settled the account. In the event of disagreement, please give details on
the reverse of the slip.
A stamped addressed envelope is enclosed for your reply.
Please note that this request is made for audit purposes only and has no further
significance. Remittances should be sent to us in the normal way.
Your kind co-operation in this matter is greatly appreciated.
Yours faithfully,
To: Messrs Pears, Cross, Brannigan & Company

131/133 Dutchman Avenue, Dykeland, DY9 6DA
Audit confirmation of balance due to:

XyZ Industrial Holdings
at 30 June 20X1
Please delete as necessary:
We confirm that the balance According to our records the

due from us to the above amount due from us to the
company at the above date above company was $ . . .
was $ . . . . . . . . . ..... . A reconciliation
of these amounts is shown
below.
Yours faithfully,
Signature, name, position and company stamp/seal

3.4 Alternative Procedures

< When an auditor does not receive responses to positive
confirmations, alternative procedures must be performed to
determine the existence of accounts receivable.
< A second (or even third) confirmation request may be
sent before alternative procedures are performed.
< Alternative procedures include:
= Examination of subsequent cash receipts to verify
settlement of specific invoices included in the customers'
accounts receivable balances that were outstanding at
year end.*
= Tracing such subsequent cash receipts through to the *This test is clearly
also relevant to the
bank statement.
financial statement
= If the customer has not paid, examination of the supporting
assertions of accuracy,
documentation for the transaction, including the original valuation and cut-off.
customer order, duplicate sales invoice, goods despatch *For example, the
note and shipping documentation or other proof of delivery audit implications of
of goods to the customer before the year end. a letter to a customer
= Examination of other correspondence between the client being returned "not
and customer to provide evidence of the existence of known at this address"
the receivable.* would be different from
receiving a response
from an administrator
4 Other Evidence or receiver of the

customer.
4.1 Control Accounts*

< Control account reconciliation provides the auditor with
evidence towards the accuracy and completeness of the
receivables balance (and its make-up) that will be subject
to direct confirmation and other audit procedures *The concept of
(e.g. recoverability). control accounts,
content and the types
< Audit procedures on control accounts include:
of errors that may
= Fully understand the procedures and use made of the occur were covered
receivable control account (and its reconciliation to the in depth in Paper F3
receivable ledger balances) within the entity. Financial Accounting.
= Review compliance testing of controls/results of transaction
testing to establish reliability of the control account.
= Re-perform the control account reconciliation (at the time of
the confirmation) and reconcile back to opening position at
the beginning of the year.
= Review the control account and seek corroborating evidence
for material journal entries (e.g. irrecoverable debt write-
off, contras and any other unusual transactions).
= Discuss with management any differences raised during the
year on the control account reconciliations and agree action
taken to supporting documents and that such action was
appropriate.

4.2 Sales Cut-off*

< Select despatch notes just before year end and trace to a
sales invoice ensuring posted to sales ledger before year end.
Confirm that the inventory sold is not included in the inventory *The concept of
balance at the year end. cut-off has already
< Alternatively, if the system is appropriate, select despatches been discussed in
Session 23. The
from inventory records just before year end, trace to despatch
following is a summary
notes and sales invoices agreeing all recorded (as described
of typical procedures
previously) prior to year end. for sales and
< Select entries in receivables control account just before year receivables. Note that
end and trace back through the sales day book to a sales it is not uncommon
invoice, despatch note and inventory records checking that for auditors to also
all entries were made prior to year end.* consider transactions
made just after the
cut-off date to ensure
such transactions are
correctly recorded
after that date.
*As well as being a confirming check on the receivables control
systems, the receivables confirmation also assists in agreeing and
reconciling cut-off.
< From cash received records, trace cash received before year
end to receivables control and bank statement ensuring
entries made before the year end.
4.3 Valuation of Accounts Receivable

< The risk for irrecoverable debts is understatement:
irrecoverable debts may not be written off when they should
be; the allowance for irrecoverable debts may be insufficient.
< Understand terms of payment and management's policy
on ageing debts. Compare with previous years and plan
analytical review (e.g. receivables days) to identify any
anomalies and potential risks.
< Obtain a receivables age analysis as at the year end from the
client and re-perform ageing by agreeing make-up (e.g. for
same sample as for confirmation) back to dated sales invoices,
despatch notes, inventory records.
< For material balances (e.g. same balances as for confirmation)
agree after date cash received through to the bank
statements.
< Obtain updated (i.e. at the date of the audit) age analysis
and compare with year-end analysis to identify debts still
not collected.*
< Review irrecoverable debts and cash collection pattern for
the year to identify any changes. *Just because a
balance may have
< Review other evidence to support non-collectability been current at
(e.g. correspondence from receiver). the year end does
< Agree accounting treatment of irrecoverable debts not mean that it is
is appropriate. collectable. By the
time of the audit, it
< Form opinion on collectability of debts and discuss with
could have become
management if any divergence from that opinion. significantly overdue.

Example 4 Use of CAATs
Describe how CAATs can be used in the audit of receivables.
Solution

Session 24
Summary
< An external confirmation is a direct written response to the auditor from a third party.
< Confirmations can be paper based or electronic. When receiving an electronic confirmation,
the auditor should confirm the sender and the security of the content.
< Positive confirmation (a request to confirm either agreement or disagreement with the
balance shown) should be used when controls are weak, there is suspicion of irregularities
or there are numerous bookkeeping errors.
< Negative confirmation (a request to reply only in event of disagreement) should be used
when control risk is low, there are many small accounts, few errors are expected, and
recipients are expected to respond to the request.
< An open confirmation asks the respondent to enter the balance and is used when testing
primarily for possible understatement.
< A closed confirmation shows the balance and is used when testing primarily for
overstatement.
< The auditor should control the confirmation process, including sample selection,
confirmation design and sending/receiving the confirmation.
< When a response indicates disagreement, the auditor should distinguish errors from
reconciling items and perform further audit procedures if there is an increased risk of
material misstatement.
< Financial statement assertions for receivable balances include existence, valuation, cut-off
and rights.
< The auditor should perform procedures on control accounts to verify the accuracy and
completeness of the receivables balance.
Session 24 Quiz
Estimated time: 10 minutes
1. List the risks related to trade receivables and sales. (2.1)
2. Describe the procedures to be carried out if a debtor replies to a confirmation that they do not
agree to the balance as stated. (3.3)
Study Question Bank

Estimated time: 1 hour, 50 minutes
Priority Estimated Time Completed
Q31 Cambridge 30 minutes
Q32 Spondon 40 minutes
Q33 Tracey Transporters 40 minutes
Additional
Q34 B-Star

EXAMPLE SOLUTIONS
Solution 1—Direct Confirmation
< Account balances (receivable and payable) and their

components.
< Terms and conditions of agreements.
< Existence of "aside-agreements".
< Transactions with third parties and terms thereof.
< Bank balances and other information from bankers.
< Inventories held by third parties (e.g. in bonded warehouses

or on consignment).
< Loans from lenders.
< Investments purchased from stockbrokers but not delivered

by the end of the reporting period.
Solution 2—Management's Refusal

< Assess reasonableness and evidence of request
(e.g. debtor already subject to legal action for non-payment)
as management may be attempting to deny access to
information that may reveal fraud or error.
< Assess effect on the risks of material misstatement and

modify audit plan as necessary (increase professional
scepticism, implications on management's integrity).
< Conduct alternative audit procedures if appropriate (e.g. for

receivables, after date cash, invoices making up the balance,
evidence of existence of debtor).

Solution 3—Sources "Ideas List"
< Accounting systems Open-item or balance-

forward ledger.
< Documentation Sales orders, GDNs,

invoices, credit notes,
statements.
< Tangible assets Cash receipts (confirm

recoverability).
< Management and employees* Sales director, credit

controller, cashier.
< Customers and suppliers Customer remittance

advices, correspondence,
direct confirmation.
< Other third parties Solicitor (e.g. re significant

claims), Liquidator/receiver
(irrecoverable/doubtful
debtor).
< Analytical procedures Debtor days (by month),

percentage write-offs,
percentage estimate for
doubtful debts.
Solution 4—Use of CAATs
< Extracting list of receivables, casting, identifying all

credit balances.
< Reconstructing any receivable balance from basic data

(e.g. sales, cash receipts, journals).
< Comparing control account and ledger control, including

reconstruction of both from opening balances (sales postings,
cash postings, journals).
< Selecting example for confirmation, carrying out MUS

approach, preparing confirmation letters (mail merge).
< Preparing debt age analysis at year end and date of audit
and comparing to identify year-end debts not yet collected.
< Analysis of after date cash receipts and postings.

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Session 24

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MEASUREMENT ISSUES DIRECT CONFIRMATION

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1 External Confirmations (ISA 505)

The objective of the auditor, when using external confirmation

Audit evidence—evidence obtained as a direct written response *When receiving

24-2 © 2014 DeVry/Becker Educational Development Corp. All rights reserved.

Ali Niaz - ali.niaz777@gmail.com

*ISA 330 The Auditor's Responses to Assessed Risks specifically

1.2 Design of Request

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*This control is essential to minimise the risks of sample bias,

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Example 2 Management's Refusal

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2.1 General Risks

< An accounts receivable analysis may not accurately

*A misappropriation is only concealed when allocations match

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2.2 Audit Considerations

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< The auditor may also perform the following substantive

2.3 Sources of Evidence

Example 3 Sources "Ideas List"

 Customers and suppliers

 Other third parties

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3 Direct Confirmation of Accounts Receivable

Direct confirmation of receivables provides evidence for the existence

3.1 Confirmation Sample Selection

*Where the system is computerised, the use of CAATs is a very

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< Balances selected using professional judgement will,

3.2 Confirmation Requests

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Illustration 1 Sample Confirmation Letter

XyZ Industrial Holdings

To: Messrs Pears, Cross, Brannigan & Company

Audit confirmation of balance due to:

Please delete as necessary:

We confirm that the balance According to our records the

Signature, name, position and company stamp/seal

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3.4 Alternative Procedures

4 Other Evidence or receiver of the

4.1 Control Accounts*