LO 10-8, 10 10-37. or entries. You are the auditor in charge of the audit of Steffens Corporation. In the audit of invest- ments, you have just been given the following list of securities held by Steffens Corporation at December 31, 20X3. STEFFENS CORPORATION Schedule of Marketable Securities December 31, 20X3 10,000 shares of Microsoft Corp. 6,000 shares of General Motors Corp. 8,000 shares of Beta Corporation 400 Holloway Lodging Corp. 7.5% Convertible Bonds Market Value December 31 $599,100 216,500 (not publicly traded) 555,000 Required: a. Identify the potential audit problems that may be indicated by the schedule. b. To value the shares of Beta Corporation, management has employed a securities valuation firm. Explain the audit considerations involved in auditing the value developed by the valuation firm. LO 10-8, 10 10-37. or entries. You are the auditor in charge of the audit of Steffens Corporation. In the audit of invest- ments, you have just been given the following list of securities held by Steffens Corporation at December 31, 20X3. STEFFENS CORPORATION Schedule of Marketable Securities December 31, 20X3 10,000 shares of Microsoft Corp. 6,000 shares of General Motors Corp. 8,000 shares of Beta Corporation 400 Holloway Lodging Corp. 7.5% Convertible Bonds Market Value December 31 $599,100 216,500 (not publicly traded) 555,000 Required: a. Identify the potential audit problems that may be indicated by the schedule. b. To value the shares of Beta Corporation, management has employed a securities valuation firm. Explain the audit considerations involved in auditing the value developed by the valuation firm