Which of the following audit procedures would not likely be performed for audits of investments?
A)Read board of directors' minutes for authorization of investment strategies.
B)Confirm investments with registrar.
C)Confirm investments with broker or trustee.
D)Compare valuation to published market prices.

Question

Quizplus · Accepted Answer

Confirming investments with the registrar is not typically a procedure for auditing investments because registrars are more involved in maintaining records of ownership for securities, not the valuation or existence of investments. Auditors usually confirm investment details with brokers or trustees (who directly handle the investments) and compare valuations to market prices, among other procedures.

Which of the Following Audit Procedures Would Not Likely Be