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Overview
In our comment letter, we support the PCAOB’s objective to modernize the requirements for the auditor’s confirmation process. We agree that when properly designed and executed, the confirmation process is an effective way for the auditor to obtain third-party evidence to support certain financial statement assertions. However, we suggest that the PCAOB provide further guidance on how other forms of third-party audit evidence may be sufficient and appropriate in certain circumstances. We also suggest that the PCAOB remove the proposed requirement to communicate to the audit committee when the auditor has overcome the presumption to confirm accounts receivable.
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