Verification procedures for investment income is least likely to include:

Question

Quizplus · Accepted Answer

Direct confirmation with the investee is least likely to be used in verifying investment income because auditors typically rely on other evidence such as broker statements, dividend income records, and recalculations of income received. Direct confirmations are more commonly used for verifying the existence and ownership of the investment, rather than the income it generates.

Verification Procedures for Investment Income Is Least Likely to Include