Following are selected questions from an internal control questionnaire for a company's investment transactions. The questions relate to the custody, recording, and valuation of investments, and to acquisitions, sales, and income. A yes response to any question would indicate a potential strength of the system, and a no response a potential weakness.

a. Is a detailed record of securities maintained by an official who is independent of officials responsible for custody?

b. Is the listing of investments periodically reconciled with investment records?

c. Are securities in the name of the entity (or restrictively endorsed in the name of the entity)?

d. Are acquisitions and sales of investment securities authorized by the board of directors or by an authorized investment committee?

e. Are brokers' advices promptly compared with documented acquisition and sales authorizations?

f. Is an independent check made to determine whether acquisition or sales prices are fair and objective?

g. Is investment income periodically recalculated and verified?

Required:

Assume that inquiries indicate no apparent weaknesses in internal control.
Draft a test of controls you believe would provide persuasive evidence that no deficiencies exist.