The following are auditor's primary substantive procedures in auditing investments, except: * A. Assessing potential future investments B. Verifying existence and ownership of securities C. Investigating current and potential impairments of investments D. Reviewing appropriateness of presentation and adequacy of disclosure

The following are auditor's primary substantive procedures in auditing investments, except: * A. Assessing potential future investments B. Verifying existence and ownership of securities C. Investigating current and potential impairments of investments D. Reviewing appropriateness of presentation and adequacy of disclosure

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments

Section: Chapter Questions

Problem 27RQSC

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An auditor's primary substantive procedures for investments typically include confirmation of securities or evidence of ownership that are held by the client or by a third party. Which of the following assertion(s) is(are) addressed by the audit procedure previously mentioned? * A. I only B. I and V only C. II and V only D. I and VII only
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In performing risk assessment procedures for investments, an auditor may inquire of the client personnel which of the following questions? a. Are investment records periodically reconciled to actual listing of investments (i.e., per count or investment custodian statement)? b. Is there independent review of investments measured at fair value based on market valuation? c. Is investment income independently recalculated? d. All of the choices
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