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Do still need to send loan confirmation to bank of america

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Problem 1: Company ABC is your firm's audit client. By the end of 2016, ABC had only two outstanding 7-year bank loans, $100 million from Bank of America and $150 million from Banc of California. When your firm audits its FY2017 accounting books, there is $140 million of loan outstanding from Banc of California. As an auditor, do you still need to send loan confirmation to Bank of America? Why or why not?

Reference no: EM132737841

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