An internal auditor plans to conduct an audit of the adequacy of controls over investments in new financial instruments. Which of the following would not be required as part of such an engagement?

(a) Determine if policies exist which describe the risks the treasurer may take and the types of instruments in which the treasurer may make investments.

(b) Determine the extent of management oversight over investments in sophisticated instruments.

(c) Determine whether the treasurer is getting higher or lower rates of return on investments than are treasurers in comparable organizations.

(d) Determine the nature of controls established by the treasurer to monitor the risks in the investments.