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a. Older than the prior year. b. Material to the financial statements. c. Smaller than expected. d. Subject to valuation estimates.
Material to the financial statements. Please note that sending cofirmations is not a primay audit procedure any more. If the auditor is able to verify through other alternatives (such as verifying subsequent payment etc.) then there is no need to send confirmation even if the balance is material.
Material to the financial statements.
