09 November 2011
You can cross verify the balance by observing your party's in their books of accounts. Technically, the process is known as external confirmation.......
11 November 2011
100% verification neither possible nor feasible.Steps to be followed are stated below. 1)Take age wise analysis of debtors from client. 2)Select sample, considering amount involved,period outstanding etc. 3)Sent balance confirmation certificate to all debtors included in sample with request to confirm balance directly to Auditors office. 4)Enclose stamped envelope with auditors office address. 5)Get the list of debtors verified with list submitted to Banks for CC/OD. 6)In case of any discrepancy, include in auditors observations.
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