You were assigned to audit the bond investments of JIHUZ company. The company maintains the records and custody of its certificates, thus you have decided to conduct a count of securities to test the existence assertion. You have asked that a person from JIHUZ company should accompany you during the count. Why is this important? To detect fraudulent securities So that the company representative may assist you during the count To acknowledge any variances during the inspection. -ry So that the inspection of securities will be conducted in an efficient manner
You were assigned to audit the bond investments of JIHUZ company. The company maintains the records and custody of its certificates, thus you have decided to conduct a count of securities to test the existence assertion. You have asked that a person from JIHUZ company should accompany you during the count. Why is this important? To detect fraudulent securities So that the company representative may assist you during the count To acknowledge any variances during the inspection. -ry So that the inspection of securities will be conducted in an efficient manner
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter10: Auditing Cash And Marketable Securities
Section: Chapter Questions
Problem 67RSCQ
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Question
You were assigned to audit the bond investments of JIHUZ company. The company
maintains the records and custody of its certificates, thus you have decided to
conduct a count of securities to test the existence assertion. You have asked that a person from JIHUZ company should accompany you during the count. Why is this
important?
To detect fraudulent securities
So that the company representative may assist you during the count
To acknowledge any variances during the inspection. -ry
So that the inspection of securities will be conducted in an efficient manner
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