Reference no: EM131290433
In the audit of investment securities, auditors develop specific audit assertions related tothe investments. They then design specific substantive procedures to obtain evidenceabout each of these assertions. Following is a selection of investment securities assertions:
1. Investments are properly described and classified in the financial statements.
2. Recorded investments represent investments actually owned at the balance sheet date.
3. Trading investments are properly valued at fair market value at the balance sheet date.
Required:For each of these assertions, select the following audit procedures that is bestsuited for the audit plan. Select only one procedure for each assertion. A procedure may beselected once or not at all.
A.Trace opening balances in the subsidiary ledger to prior year’s audit working papers.
B.Determine that employees who are authorized to sell investments do not have access to cash.
C. Examine supporting documents for a sample of investment transactions to verify thatprenumbered documents are used.
D.Determine that any impairments in the price of investments have been properly recorded.
E. Verify that transfers from the current to the non-current investment portfolio have beenproperly recorded.
F.Obtain positive confirmations as of the balance sheet date of investments held by independentcustodians.
G. Trace investment transactions to minutes of the Board of Directors meetings to determine thattransactions were properly authorized
|
What types of things will change operating revenues
: In a transportation firm, what types of things will change operating revenues? Operating expenses?
|
|
Purpose of assignment
: Weeks 3, 4 and 5 Individual Assignments are integrated to generate a Strategic Management Plan. This is part three of the three part Strategic Management Plan addressing strategy implementation, evaluation and control.
|
|
Office equipment-store equipment and warehouse equipment
: Johnson Inc. uses three plant asset accounts: Office Equipment, Store Equipment and Warehouse Equipment. Journalize the transactions below.
|
|
Relationship between client and advertising agency
: The purpose of this essay is for you to describe the relationship between the client and the advertising agency as well as to describe the process of advertising design.
|
|
In the audit of investment securities-auditors develop
: In the audit of investment securities, auditors develop specific audit assertions related tothe investments. They then design specific substantive procedures to obtain evidenceabout each of these assertions. Following is a selection of investment sec..
|
|
Employ effective planning processes to develop strategies
: Integrate management theories and principles into management practices. Employ effective planning processes to develop strategies, goals, and objectives in order to enhance performance and sustainability
|
|
Difference between gaap reporting and sap reporting
: For an insurance company, describe the difference between GAAP reporting and SAP reporting of deferred policy acquisition costs.
|
|
What is the managers perspective of leadership
: What is the manager's perspective of leadership? How does it differ from the leader's perspective? Managers focus on process, procedure, and implementation of the organization's purpose.
|
|
Testing and in-depth research
: 1) Do you think it is ethical for a manager deepen the life of an applicant through interviews, testing and in-depth research? What if those investigations involved observing your Facebook page, personal blogs or other social networks?
|