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BACKGROUND:
Notes payable to financial institutions are confirmed as part of the confirmation of cash deposit balances. Standard confirmation forms include a request that the financial institution confirm all borrowings by the depositor.
McGraw CPA is the auditor for Dillon Industries, a manufacturer of widgets. Dillon has debt (a mortgage and line of credit) to ABC Bank, the same bank that holds its cash, lockbox, and money market accounts. A standard AICPA confirmation was sent to ABC Bank, asking them to confirm cash balances and debt terms and balances. The debt balances and account numbers were listed on the confirmation sent to the bank. The client's controller prepared the confirmation and mailed it to the bank. The bank gave it back to the controller when he came to make the next day's deposit. The controller then gave it to the auditor.
What was wrong with filling out the debt balance and account number on the confirmation?
What was wrong with the mailing of the confirmation?
Was there a problem with the bank giving the confirmation back to the client?
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