Answer :
The purpose of accounts receivable confirmations is to obtain third-party verification of the account's balance and to determine how frequently misstatements take place.
Here,
Only a small portion of the entire population is often subject to accounts receivable confirmation. The confirmation's goals are to gain external confirmation of the account's balance and to get a sense of how frequently misstatements in the accounts occur.
The majority of errors revealed by discrepancies on the confirmation replies won't be significant; however, discrepancies must be examined individually and collectively to establish their impact on the total balance of accounts receivable.
Even while the discrepancies between individuals may not be significant, they could point to a significant issue with the internal controls over accounts receivable when applied to the entire population.
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