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Auditing & Assurance Services 6th Edition by Timothy Louwers
Edition 6ISBN: 978-0077862343Auditing & Assurance Services 6th Edition by Timothy Louwers
Edition 6ISBN: 978-0077862343 Exercise 19
A client has a large and active investment portfolio that is kept in a bank safe deposit box. If the auditors are unable to count securities at the balance sheet date, they most likely will
A) Request the bank to confirm to the auditors the contents of the safe deposit box at the balance-sheet date.
B) Examine supporting evidence for transactions occurring during the year.
C) Count the securities at a subsequent date and confirm with the bank whether securities were added or removed since the balance sheet date.
D) Request the client to have the bank seal the safe deposit box until the auditors can count the securities at a subsequent date.
A) Request the bank to confirm to the auditors the contents of the safe deposit box at the balance-sheet date.
B) Examine supporting evidence for transactions occurring during the year.
C) Count the securities at a subsequent date and confirm with the bank whether securities were added or removed since the balance sheet date.
D) Request the client to have the bank seal the safe deposit box until the auditors can count the securities at a subsequent date.
Explanation
Verified
Verified
The correct answer is d.If Auditor is un...
Auditing & Assurance Services 6th Edition by Timothy Louwers
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