Your client McDuck Ltd holds a large portfolio in shares of other entities - approximately 80 per cent of them are listed on the stock exchange. Approximately 800 parcels of shares are held. The following data on each share parcel are maintained on the computer system:

• date purchased;

• number of shares sold (by class);
• date sold; ¢

• class of shares held;
• investor name;

• investment cost;
• number of shares held (by class);

• profit/loss on sale;
• number of shares purchased (by class);

• dividend income.

The above data are maintained on the computer for a period of two years.

Required

(a) How could GAS assist in the audit of investments?

(b) What procedures would you need to perform prior to running the GAS and relying on the results?

(c) Describe the reports you would ask the GAS to produce, and the type of audit testing each report would be used for.