The primary purpose of sending a standard confirmation request to financial institutions with which the entity has done business during the year is to
A. Detect kiting activities that may otherwise not be discovered.
B. Corroborate information regarding deposit and loan balances.
C. Provide the data necessary to prepare a proof of cash.
D. Request information about contingent liabilities and secured transactions.
Answer: Corroborate information regarding deposit and loan balances.
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.