Status Overview
AR Confirmations can be a complex process. Knowing where a confirmation stands is extremely important to your team and your clients. Thats why Audit Sight instantly provides you real time updates with where things stand via our AR Tracker.
In this article, we will review each status option and what you should be doing.
Initial States. Nothing to do here except sit back and watch.
Your client has yet to authorize the confirmation to be sent to the verifier. While Audit Sight has already sent the initial email it might be helpful to give the authorized signor a gentle nudge.
The confirm has been successful approved by your client contact and has been sent to the verifier for completion.
Note: Sometimes confirmations don't come back. When this happens, your team can work with your client to perform alternative procedures and resolve the confirmation which might include, obtaining subsequent payment receipts, shipping documents, contracts, etc.
Time to do work.
The confirm has been denied by your client. Click Step 3 Verifiers to see more information and the reason why the confirmation was denied and steps to fix the confirmation.
The confirm has been disputed.
Confirmations that have reached their final state. The work is done!
The confirmation has been returned by the Verifier with no exceptions! Congrats you are done with the test!
Your team has resolved the dispute or performed alternative procedures over the sample and have determined this is not an exception in your clients accounting records.
Your team has determined this sample was an error in the accounting records. An error can either be from a disputed confirmation or a confirmation that was never returned and the client could not support the invoice with other forms of audit evidence such as subsequent liquidation, shipping documents, or contracts.
