Auditing and Assurance Services 1st Edition by Iris Stuart

Exercise 17

A company makes a practice of investing excess short-term cash in trading securities that are traded regularly on national exchanges. A reliable test of the valuation of these securities is
a. Consideration of current market quotations.
b. Confirmation of securities held by the broker.
c. Recalculation of investment value using a valuation model.
d. Calculation of premium or discount amortization.