Problemsubsequent are typical questions that might appear

Assignment Help Taxation

Reference no: EM13371018

Problem:

Subsequent are typical questions that might appear on an internal control questionnaire for investments in marketable securities:

1. Is custody of investment securities maintained by an employee who does not maintain detailed records of the securities.

2. Are securities registered in the corporation name?

3. Are investments activities reviewed by an investment committee of the board of directors?

Required: a. Explain the purpose of each of the above controls

b. Explain the manner in which each of the above procedures might be tested.

Reference no: EM13371018

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