When auditing the market value of an investment, an auditor would be least likely to:
A)examine quoted market prices.
B)evaluate management's procedure for determining market prices.
C)make his or her own determination of market prices.
D)confirm market prices with a broker.

Question

Quizplus · Accepted Answer

Making their own determination of market prices is not typically within the scope of an auditor's responsibilities. Auditors usually rely on quoted market prices, evaluate management's procedures for determining those prices, and may confirm prices with independent sources like brokers, rather than determining the prices themselves.

When Auditing the Market Value of an Investment, an Auditor