Verification procedures for investment income is least likely to include:
A) recalculation by the auditor.
B) reference to published investment information.
C) inspection of bond certificates.
D) review of any bond premium amortization schedules.
E) direct confirmation with the investee.

Question

Quizplus · Accepted Answer

Direct confirmation with the investee is least likely to be included in the verification procedures for investment income because investment income typically involves dividends or interest payments, which are verified through documentation held by the investor (such as dividend notices or bank statements) rather than direct confirmation with the entity issuing the investment.

Verification Procedures for Investment Income Is Least Likely to Include